Concerns for Business Owners

Charitable Donations and Your Business

Resources

Why YOU Should Care

The IRS allows certain donations made to qualifying organizations to be deducted for tax purposes. Your business is also eligible to make charitable contributions, but your legal structure determines where this contribution shows up on your business or personal tax return(s).

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Depreciation: Section 179 Deduction

Resources

Why YOU Should Care

Generally, you are required to depreciate qualified business property. The Section 179 Deduction gives you the option to reduce your current tax liability by deducting the cost of the asset in the year it is placed into service instead of depreciating.

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