It's that time of year again—time to review your
financials, profit and loss statements, and corporate records to
help save taxes for 2006. Setting aside some time now to meet with
your tax planning team and review the most important items will
make a big difference when your returns are due next year.
Gary Malawy, CPA, a tax planning authority with Krehbiel and
Associates LLC, Mount Vernon, Ill., offers some suggestions.
According to Malawy, you should deduct business equipment in
2006. Up to $108,000 of new business equipment can be deducted
immediately by using Section 179 expensing. The equipment must be
placed in service before year's end,...
Log in or register for FREE access to this article and other Professional Roofing online content.