How to Lower Your Tax Bill Episode 5
How to Lower Your Tax Bill · Terrance Hutchins
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Show Notes
"Depreciation and Business Credits: Tax Strategies to Lower Your Bill"
In this episode of How to Lower Your Tax Bill, host Terrence Hutchins breaks down two powerful tools for business owners: depreciation and business credits. He explains how these tax strategies can significantly reduce your taxable income and help you keep more of your hard-earned money.
Terrence covers:
- Depreciation: What it is, how it works, and how to decide between Section 179, bonus depreciation, and MAKERS.
- Business Credits: Key credits like retirement plan startup credits, research and development credits, energy investment credits, and more.
- Strategic tips on when to depreciate assets upfront versus spreading deductions over time.
Plus, hear the surprising story of how a bodybuilder successfully deducted baby oil as a business expense—proving that justifying your deductions can make all the difference.
Featured Tax Fact: In the 1980s, a professional bodybuilder successfully claimed baby oil as a deductible business expense because it enhanced his competition performance.
For more self-employment tax tips, subscribe to How to Lower Your Tax Bill on Spotify or Apple Podcasts.