Alma Emprendedora Alma Emprendedora Issue 002 2014 | Page 54

Tip #1:Buy to save
Whenever buying new equipment,
technology, software or even furniture for
your business, save those receipts and
keep detailed records that include
purchase price and date placed into
service. You should be able to
substantiate any expenses you claim on
your tax return.
The 2013 Section 179 deduction limit
for new and used assets purchased is
$500,000. However, your business must
be profitable in order to receive this
benefit in 2013. In 2014, the dollar limit
drops to $25,000 unless Congress
extends this tax break.
Bonus depreciation of 50 percent of
the cost of new items expires at the end
of 2013. Depreciation can be claimed
whether or not your business is
profitable.

Tip #2: Tis always the
season for giving
Company donations of money,
supplies and property are all deductible
expenses. So are bonuses (and
associated payroll taxes) awarded to
your employees, partners and officers. If
your business is an S Corporation, keep
a close eye on officer compensation to
ensure you meet IRS requirements and
thus avoid penalties.

55 ALMA EMPRENDERORA

If you use your home for your
business, you may be able to

deduct mortgage interest,

insurance, utilities, repairs and

depreciation.

Give yourself the gift