How to Max Out the Tax Benefits for Your Construction Business

How changes to Bonus Depreciation and Sec 179 will impact tax risks, plus two options that could provide major tax deferrals. I planned to continue the own vs. rent commentary this month, but since President Biden’s proposed tax bill was released, I believe now is the time to discuss the changes so you have time to plan out the rest of this tax year, as well as 2022 and 2023. While I believe the cost vs. own review is important for 2021 and 2022, we will get back to that in the near future. To keep you from chasing around trying to find the tax proposals, you can access to a review of the bill that covers just about everything you need to know about the changes. It was compiled by Steve Pierson, CPA at Seldon Fox, who has been working with me at least 20 years and specializes in the issues I normally come across with dealers, rental companies and contractors. He can deal with just about any tax issue that comes up, especially those related to equipment and other types of depreciable assets. READ FULL ARTICLE>>