ABC’s Effective Tax Planning – Depreciation
Jan/20/2020 10:26 Filed in: ABC's of Tax Planning
Today’s topic – Depreciation.
Depreciation is a great tool to use to save money on taxes because it can shield your cash flow from taxation. Many business owners forget to tell their CPA or tax preparer about their major fixed assets like cars, equipment, buildings, trucks, etc. Business owners should be using their pretax money instead of after-tax money to make these purchases to grow their business to essentially save money on their taxes.
Having your business grow is amazing and tricky at the same time. Nothing eats cash faster than growth. Growth should be factored into your tax plan so you can invest back into your business. Each tax plan should be individualized for each situation, not many business owners truly understand this and end up paying extra in taxes that could have been invested back into the growth of their business. If you don’t know your numbers, you don’t know your business.
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Peter Holtz is a Certified Public Accountant with over 40 years of experience, and the active CEO of Peter Holtz CPA, a full-service accounting firm servicing large to small organizations. With a focus on Profits First Consulting, the team is focused on delivering detailed insights that help organizational leaders make the best decisions possible by having access to their real-time numbers on the fly.
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