Business Tax Items to Finalize Before Year End

by | Dec 30, 2013 | PKF Texas - The Entrepreneur's Playbook®, Tax and Accounting Desk

Russ: This is PKF Texas Entrepreneur’s Playbook. I’m Russ Capper, guest host today, and my guest, once again, is Matt Powalski, a Tax Associate at PKF Texas. Matt, great to have you back on the Playbook.

Matt: Thanks again, Russ.

Russ: Okay, so let’s look at year-end tax planning once again. But let’s think about it from the business perspective instead of the individual perspective. Are there some things that businesses can do here at year-end that help them?

Matt: Absolutely. So, over the past three or four years, the government has been incentivizing businesses to make purchases and give them the ability to write-off a portion of these purchases, an aggressive portion of these purchases, over the past couple years.

Russ: Right.

Matt: However, it’s important to know that the ability to take these aggressive write-offs will be ending at the end of the year.

Russ: Oh, whoa. So if somebody is thinking about a significant capital expenditure, obviously, it’s very important to do it before year-end.

Matt: That’s correct. It is important to do it before year-end. Now, there are some technical details behind these purchases.

Russ: I’m sure.

Matt: So it would be a good idea to get in touch with your tax advisor who could give you a better idea of how to approach this.

Russ: Okay, but it’s very important to get this done before year-end.

Matt: Before year-end, yes.

Russ: All right. Well, Matt, I really appreciate you sharing this with us.

Matt: Thanks again, Russ.

Russ: This has been another Thought Leader Production brought to you by PKF Texas Entrepreneur’s Playbook. Tune in next week for another chapter.

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