Maximizing Tax Savings with Depreciation and Credits for Businesses

Key Takeaways:

1. Depreciation allows businesses to deduct the value of assets over time, reducing taxable income.
2. Bonus depreciation allows businesses to accelerate depreciation and take a larger deduction in the first year.
3. Clean vehicle credits provide tax incentives for businesses that invest in energy-efficient vehicles.
4. Energy efficiency credits can be claimed for investments in energy-efficient building improvements.
5. 401(k) credits offer tax benefits for businesses that start a retirement plan and provide matching contributions.

 

Chapters:

Timestamp Summary

[0:00:34] Introduction to the episode with Allison Rife Martin

[0:01:09] Discussion on business planning for 2024

[0:02:49] Explanation of depreciation

[0:05:49] Utilizing clean vehicle credits for tax savings

[0:08:20] Taking advantage of energy efficiency credits

[0:09:01] Exploring 401K credits for businesses

[0:11:49] Importance of regularly reviewing and refining tax planning

[0:12:15] Contact information for Allison Rife Martin

 

Powered by ReiffMartin CPA and Stone Hill Wealth Management

 

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.