Category Archives: Section 179 Deduction

One of the few tax deductions that really work for small business

The Two Different Accounting Methods – Book Accounting and Tax Accounting

Here’s something that’s a surprise to many non-businesspeople: There are actually two different accounting methods, and most successful businesses will compile reports and similar using both.  The two accounting methods are:  Book Accounting (which could simply be called “accounting”) utilizes Generally Accepted Accounting Principles (GAAP), whose rules are set by the Financial Accounting Standards Board (FASB).  Tax Accounting… Read More »

It’s Your Money, And You Should Keep More of It

As I write this, the biggest issue on the minds of businesspeople everywhere is “taxes”.  Of course, this argument has been going on for centuries (the USA was founded partly due to unhappiness with taxes), but there is a very valid point here. “Enough with the taxes” say small and mid-sized companies, and they’re right. Businesspeople, especially those… Read More »

Section 179 and Financing – Updated for Autumn 2020

2020 section 179 financing

We’re hitting the 4th quarter of the strangest year ever. Yes, 2020 has been a wild ride to say the least, but we’re still here (as are you). So let’s talk about something that’s also still here: Section 179 and equipment financing. I talk about this every year, because I get really excited about it. We’re in that… Read More »