End of the Year Tax Savings for Writers
Years ago, when I was working with my father in real estate, we had a meeting with a truly wealthy man. He’d made his money selling buying and selling what most people considered junk. Our meeting took place in a knarly office-trailer inside a huge, jumbled warehouse in a grimy industrial area south of Los Angeles. As I recall, my father was trying to convince him to buy a piece of acreage and part of Dad’s pitch was possible tax savings.
The words about saving taxes were barely out of my dad’s mouth when the rich man snorted… truly, he snorted! “Just show me the money; I’ll worry about the taxes later.”
As my own writing business has grown and my taxes increased, I’ve kept his words in mind, particularly when I’ve been tempted to fiddle or to buy something “this year” in order to save on taxes.
That said, timing major business purchases that you actually need to take advantage of tax savings can make sense.
Small Business Boomers has a post called: Wrapping up: A December ‘tax saving’ list for your business. The blog links to a calculator that can help you figure out if it makes sense to buy equipment now, or later.
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2 opinions for End of the Year Tax Savings for Writers
Billy Reese
Nov 28, 2007 at 9:05 am
Section 179 is an often unknown tax section that will allow business owners to obtain heavy equipment and other equipment. SUVs such as the Hummer can fall under this as long as it is intended for business use. Every business owner should look into this.
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Anne Wayman
Nov 28, 2007 at 2:15 pm
lol, Billy… I can’t see me with a Hummer no matter what… but I take your meaning
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