New deductions at tax time
STAMPING IS MY BUSINESS! TIP OF THE WEEK – NEW DEDUCTIONS AT TAX TIME
In the past, any new or used business equipment you purchased had to be depreciated on your taxes over several years. A time-consuming and often tedious process.
However, the new Jobs and Growth Tax Relief Reconciliation Act of 2003 means entrepreneurs can realize some great new savings at tax time!
Now, if you choose, you can immediately deduct 100 percent of the cost!
As with any and all tax laws, there are exceptions and restrictions, so consult a knowledgeable tax source before filing.