New Sage Funding’s Post

🚀 Maximize Your 2024 Tax Savings with Equipment Deductions! 🚀 Exciting news for business owners and entrepreneurs! 🌟 You can now deduct all or part of the cost of equipment purchased or financed and put into place before December 31, 2024. This is a fantastic opportunity to invest in the tools and technology your business needs while reaping significant tax benefits. 💡 Remember: To qualify for this deduction, the equipment must meet specific criteria. Make sure to check the details to ensure your investment counts! Thinking about upgrading your forklift and taking your business to the next level? 📈💼 Seize this opportunity to save and invest wisely! #TaxSavings #BusinessGrowth #Investment #Finance #TaxDeduction #2024Goals #equipmentfinance I've provided a helpful section link to the 179 calculator from our partners at US BANK. https://lnkd.in/eMRyyQJE

As a business owner, you know how frustrating it can be dealing with complex tax rules, unexpected costs, and the constant fear of making mistakes. Taxes shouldn’t be eating into your profits. Here are two effective strategies to help you reduce your tax bill and keep more of your hard-earned money: Capital Allowances: Think of them as discounts for your business investments! When you claim capital allowances, you're getting a break on purchases like equipment and vehicles, reducing your tax bill. It’s like saving money while you invest in the tools and resources that drive your business growth. Expense Optimisation: Maximising your deductions is crucial! By identifying which business expenses can lower your taxes, you’re putting more money back into your business. Keep good records, and watch those tax savings add up! Using capital allowances is straightforward. Whenever your business makes a significant purchase, like new machinery or a company vehicle, you can claim these costs against your profits. This means you'll pay less tax, leaving you with more funds to reinvest in your business. Keep track of all qualifying purchases and consult with a tax advisor to ensure you're making the most of these allowances. For expense optimisation, make it a regular practice to review your business expenses. Look for costs related to office supplies, travel, marketing, and professional services that can be deducted. Good record-keeping is essential – it helps you prove your expenses to HMRC and ensures you don't miss out on any potential savings. By implementing these strategies, you can keep more of your earnings and reinvest them back into your business, fuelling further growth and success. Contact me for more tips and personalised advice on managing your business finances effectively. #TaxTips #BusinessSuccess #UKBusiness #TaxSavings #FinancialFreedom #CapitalAllowances #ExpenseOptimisation #BusinessGrowth #TaxPlanning

"I'm selling my business—how do I keep from getting crushed by taxes?" The tax implications of selling a business can significantly impact your final profit. That’s why it’s crucial to review the structure of the sale with your CPA before finalizing a contract or Letter of Intent (LOI). With strategic planning, you can minimize the tax burden and keep more of what you’ve built. Here’s five tactics to save: 1️⃣ Structure your sale wisely. Deciding between an asset sale and a stock sale is crucial. Each option has different tax implications depending on your business structure. Make sure to choose the one that best fits your financial goals. 2️⃣ Maximize capital gains. Long-term tax rates are generally lower than ordinary income tax rates. By structuring your sale to qualify for long-term capital gains, you can potentially save thousands. 3️⃣ Consider installment sales. Spreading out payments over several years can help you defer taxes and reduce your tax bracket, easing the immediate financial impact. 4️⃣ Explore tax-deferred strategies. Options like a 1031 exchange for real estate or rolling gains into a Qualified Opportunity Fund can help you defer and reduce capital gains taxes. Selling your business is a big step. Don’t let taxes overshadow your success—let’s strategize together to maximize your profits and minimize your tax burden. 🏆 #TaxStrategy #CPAAdvice #TaxSavings #FinancialPlanning

𝐒𝐄𝐂𝐓𝐈𝐎𝐍 𝟏𝟕𝟗 𝐑𝐄𝐕𝐈𝐄𝐖: 💼 Section 179 is an expense deduction and part of the Internal Revenue Code (IRC). It allows businesses to deduct the full purchase price of qualifying depreciable assets purchased or financed during the 2024 tax year. 📈 The maximum deduction for 2024 is $1,220,000 (up from $1,160,000 for the 2023 tax year). Your business could receive sizable benefits depending on your 2024 purchases and ability to use the deduction. 🤝 The U.S. Internal Revenue Service created section 179 to help small businesses invest more money in their companies. The deduction is designed to help offset the costs of maintaining and expanding businesses through equipment purchases, upgrades, and more. According to the IRS, a wide range of equipment and other assets can qualify, such as certain types of heavy machinery, vehicles, office equipment, and software. ✍️Before section 179 was created, if a business spent $50,000 on a machine, it could write off only $10,000 a year for five years through depreciation. To benefit financially, a business would have had to write off the same equipment over multiple tax years. With section 179, a business can write off the entire purchase price of qualifying equipment immediately for the current tax year. This simpler approach saves time when filing taxes. What is your favorite take away from this article? #Financing #CurrencyFinance #Finance #Equipment #Section179 #EndOfYear

𝐒𝐄𝐂𝐓𝐈𝐎𝐍 𝟏𝟕𝟗 𝐑𝐄𝐕𝐈𝐄𝐖: 💼 Section 179 is an expense deduction and part of the Internal Revenue Code (IRC). It allows businesses to deduct the full purchase price of qualifying depreciable assets purchased or financed during the 2024 tax year. 📈 The maximum deduction for 2024 is $1,220,000 (up from $1,160,000 for the 2023 tax year). Your business could receive sizable benefits depending on your 2024 purchases and ability to use the deduction. 🤝 The U.S. Internal Revenue Service created section 179 to help small businesses invest more money in their companies. The deduction is designed to help offset the costs of maintaining and expanding businesses through equipment purchases, upgrades, and more. According to the IRS, a wide range of equipment and other assets can qualify, such as certain types of heavy machinery, vehicles, office equipment, and software. ✍️Before section 179 was created, if a business spent $50,000 on a machine, it could write off only $10,000 a year for five years through depreciation. To benefit financially, a business would have had to write off the same equipment over multiple tax years. With section 179, a business can write off the entire purchase price of qualifying equipment immediately for the current tax year. This simpler approach saves time when filing taxes. What is your favorite take away from this article? 🔗 https://lnkd.in/gdmSepjM #Financing #CurrencyFinance #Finance #Equipment #Section179 #EndOfYear

Maximise Allowable Expenses, But Don’t Lose Sight of Your Profits! Many business owners get caught up in the idea they don't want to pay tax, but this can cause adverse implications down the line. Allowable expenses are great reduce your tax bill, but there's a balance to strike. While claiming every business expense can lower your taxable income, overspending without careful tracking can lead to bigger issues down the line. Why It Matters: Cutting your tax bill is great, but if you’re not turning a profit, your business could struggle to grow—or even survive. Claiming too many expenses can raise suspicion and potentially trigger an investigation from HMRC. Always ensure your expenses are legitimate and well-documented. If you’re thinking about selling your business or seeking investment, having a healthy profit margin is a must. Investors and buyers will look at your bottom line, not just your tax efficiency. What You Can Do: Keep a close eye on where your money is going. Regularly review your finances with your accountant or bookkeeper. Staying on top of your books helps you make wiser buying choices and avoids any nasty surprises at the end of the year. Consider the impact of your spending on your business’s future. Short-term tax savings shouldn’t come at the expense of long-term growth. Use allowable expenses wisely, but remember: Profit is king! Keep your business healthy and growing by keeping a balance between tax efficiency with smart figures. 🌱 #BusinessFinance #TaxStrategy #AllowableExpenses #SmallBusinessTips #Bookkeeping #FinancialPlanning #BusinessGrowth #TaxEfficiency

Last week we spoke about the increased capital gains inclusion rate and how the tax rate on personal capital gains over $250,000 will cost you 33% more tax. Today let's take a look at the increased capital gains inclusion rate and how it impacts tax on passive income within a corporation. It's definitely time to have a chat about remedies you may want to consider within your corporation.

🌟 Unlock Business Savings with Section 179! 💼✨ Did you know about the Section 179 tax deduction? 📈 This game-changer allows businesses to deduct the FULL purchase price of qualifying equipment and software in the same year! 💰💻 🚀 Key Features: ✅ Qualifying Property: Think machinery, equipment, vehicles, computers, and off-the-shelf software. ✅ Annual Deduction Limit: Keep an eye on the latest, but as of 2023, it was $1,160,000. ✅ Spending Cap: There's a cap, but once reached, the deduction starts phasing out. ✅ Bonus Depreciation: Get extra benefits for new property with bonus depreciation. 🔥 How Your Business Benefits: 1️⃣ Immediate Tax Savings: Slash your tax liability by deducting the full purchase price upfront. 2️⃣ Cash Flow Boost: Enjoy better cash flow by spreading the benefit of Section 179. 3️⃣ Investment Incentive: It's designed to encourage businesses to invest in growth and productivity. 🔍 Keep in mind: Tax laws evolve, so consult with a pro for the latest updates tailored to your business. Ready to optimize your finances, stimulate growth, and invest in success? 🚀💡 #Section179 #TaxSavings #taxes #businessgrowthstrategy #acccounting #mbafinance #deductions #mondaymotivation #FinancialStrategy #InvestInSuccess 🌐 #taxseason #taxdeductions #taxfiling #taxcredit #taxbenefits #bayarea #sanfrancisco #oakland #acccounting #accountant

With the year-end only days away what action can you still take to benefit your business? Without a doubt, if you have business profit, by using this to invest in business assets, you can reduce your tax bill for 23/24. Before you do… here are a few things to consider: ♥ Have you put aside enough funds to cover your expected tax liability? ♥ Do you have a contingency fund, just in case it is needed early on in the new financial year? ♥ Are the items needed, will they benefit the business? ♥ Can the business afford the purchases ♥ Are you sure what you are investing in is tax deductible? If you have (tax deductible) items that you know you will need in the next 6 months, it is definitely worth considering bringing those purchases forward into this tax year. But if you have any concerns about the true need, affordability, or timing of these purchases Please speak to an accountant. #yearend #accountant #financialadvice