Business Expenditure and Deductions
Business Expenditure and Deductions
Jane’s Air Conditioning Service decided that this year was the year to
“take over” the air conditioning business in her town. Beginning in
January, she started advertising her business (even though there was
snow on the ground), bought a supply of Freon, updated her vehicles and
bought new uniforms for her service technicians who were making house
calls.
Jane comes to you to determine how to optimize her
deductions in order to reduce her tax liability. What advice would you
give her as to the expenditures above (assuming they all took place in
the same year)? Be sure to also explain what may (or may not) be
2 hours ago
REQUIREMENTS
ACC 307: Federal Taxation Reading Chapter 10: Property Acquisitions and Cost Recovery ACC 307: Federal Taxatio
Answer preview…………
Owners of small businesses often overpay their taxes when they overlook some deduction. It is however, understandable should one consider the bulk U.S Tax code that contains about 70,000 pages (Smith & Parr, 2000). Small business owners may not have the time to go through all those pages or have the money to employ a professional auditor or accountant. There may be many obstacles Jane may face when trying to reduce the tax but there are ways she can legitimately mitigate it……….
APA 314 words