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Video instructions and help with filling out and completing Fill Form 4797 Mileage

Instructions and Help about Fill Form 4797 Mileage

Hello thank you for joining me for another on-demand training video our topic today is section 179 what is that you asked well section 179 is the shorthand for business tax deductions on property with 2023 drawing to a close in just over a month now is the time to consider any equipment your small business should purchase to maximize this year's section 179 benefits more details on that shortly first let's take a look at our roadmap for this session here's what we'll be covering we'll start with Fast Facts if you're pressed for time and don't want specifics watch through this part of the presentation however of course I suggest you stick around for the fuller details including what is section 179 what are the benefits what are the guidelines for 2023 what kind of property is eligible and the resources where can I learn more fast facts okay here are the bare-bones basics section 179 is a tax code created to help businesses it's valid on most types of equipment can greatly help your bottom line it's simple to use it must be used by the end of the year for this year's benefits and it can change from year to year now let's dive into the details so what is section 179 here's the gist section 179 of the United States Internal Revenue Code allows a taxpayer to elect to deduct the cost of certain types of property on their income taxes as an expense rather than requiring the cost of the property be capitalized and depreciated now let's highlight and explain some key terms in this paragraph first deduct these are the subtractions you can take from your taxes to lower your annual bill next certain types of property there are many types of property...