Thanks all, I am going to have a talk with my accountant this week. I have been an S Corp for over 5 years but never had any capital investment and never made any money to speak of until last 2 years, now I find myself playing catch up on the financials.
I always assumed I could deduct 100% of the machine payments until it was paid off, I understand this may or may not be the case and I will discuss in detail with my financial person.
Is there anything you can do to offset tax liability AFTER the end of the year besides buying into a 401K?
Thanks |