8 ways small businesses can save taxes before year end

If you’re running a small business, then taxes are likely among your biggest expenses. So while it’s important to be proactive and practice good tax planning strategies throughout the year, you can still make some moves now to save your business money before 2021 ends. Here are eight.

Accelerated depreciation rules allow you to buy machines, vehicles, computers, software, furniture and other types of capital equipment and instead of having to depreciate these expenditures over time you can immediately deduct up to $1,050,000 this year. And remember: you don’t even have to pay for this stuff right away. Even if you’re financing the acquisition the rules allow you to take the deduction as long as the item is placed into service by year end.

» READ MORE: Small businesses have until year’s end to get $100 billion in expiring SBA funds

Thanks to prior COVID stimulus bills, you can personally take a $300 deduction ($600 for those filing jointly) on…

Read more…