Maximizing Tax Savings through Smart Depreciation Strategies

In this episode of Let's Get Fiscal, hosted by Anastasia Myiesha and Danielle of Coterie Tax, the focus is on understanding depreciation and its impact on tax savings for creative business owners. The hosts explain different methods of depreciation, including safe harbor elections, Section 179, and bonus depreciation, and how these can affect taxable income and cash flow. They also discuss the nuances of depreciating high-cost items, timing of purchases, and the interplay between personal and business use of equipment. The episode provides valuable insights into optimizing depreciation strategies to maximize financial benefits and ensure compliance with tax regulations.

00:00 Introduction to Smart Tax Deductions

00:11 Welcome to Let's Get Fiscal

00:32 Understanding Depreciation

01:38 Safe Harbor Election Explained

08:50 Section 179 and Bonus Depreciation

12:07 Understanding Section 179 and Bonus Depreciation

12:32 Impact of Depreciation on Business Income

13:57 Strategic Use of Depreciation for Business Growth

17:20 Personal vs. Business Use of Equipment

20:17 Timing and Depreciation Rules

22:18 End-of-Year Tax Strategies for Creators

24:27 Conclusion and Final Thoughts

🔗 Helpful Links & Resources

Listen on Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448

Listen on Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11 

Watch on YouTube: https://www.youtube.com/@letsgetfiscalpodcast 

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