4 Myths of Tax For Businesses

We have talked about setting up the right entity for your business to save you money in tax each year.  There are several myths about tax for your businesses that are out there.  I talked with a couple of friends of mine that are tax professionals and discussed the most common tax myths that exist for small business owners. Myth 1.  I can write off all of my expenses for my business from equipment to entertainment. Reality:  When it comes to equipment that you buy, you may not realize the full write off for several years depending upon if the asset is depreciable or not.  As for entertainment, only 50%