Dr. Friday highlights the 2024 changes to Section 179, where only 60% of equipment costs are deductible, down from the previous 100%. She advises business owners to adjust their tax planning accordingly and understand the impact of this change. If you’re budgeting for significant purchases, make sure your tax strategy aligns with current laws.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
And I know many of you business owners are sitting there thinking, oh, I need to go buy some equipment so I can reduce my taxes. Keep in mind, Section 179 in 2024 is only 60%, not the 100 that you’re used to, 60%. So now when you go buy something, you’re not going to get all 100% that did not get extended, and it’s very important because when people come in and they’re like, hey, I spent $100,000 on equipment, why am I only getting $60,000 of it? That is because that’s the current tax law. Not like we write it, we just make sure it’s done right. If you need help doing taxes, you need to check our calendar out today at drfriday.com.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.