Time is running out for last minute tax tips for businesses

SALISBURY, Md. –  If you are running a business or rental company, time is running out to make those last-minute adjustments to your taxes before the New Year.

According to CPA Mark Welsh of TGM Group in Salisbury, if you are individually filing a W2, it’s already too late to make any updates but if you’re a business or renter listen up. He tells us for large purchases you might need to run your businesses think vehicle fleets can all be used to lower your revenue as a business and keep you from being hit at a higher tax rate for your business.

He tells us it’s possible to write off almost all of those expenses.

“If they buy it before December 31st most likely they can depreciate that entire purchase for 2021 so if someone buys a forklift for $40,000 they could deduct all $40,000,” he said.

Welsh tells us he has seen clients coming to him this week asking what they can do to lower their profits and his advice any big purchase you can make with a low-interest rate is a good idea. He tells us the earlier you start planning for your business the better.