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If someone owes you money you cannot collect, you have a bad debt. A business bad debt, generally, is one that comes from operating your business. A business can deduct its bad debts from gross income when figuring its taxable income. Business bad debts may be deducted in part or in full. Non-business bad debts
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Whether the cost of an engine overhaul can be written off (expensed) or must be capitalized can make a big difference in the annual taxes that an engine
YOU can’t afford NOT to buy new equipment, Milt Zall
The big news is the passage of new tax legislation, the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRA). Congressional conferees on May 22 cobbled together a $350 billion economic stimulus package that President Bush signed into law. A major feature of JGTRA for engine builders is an increase in the expensing allowance
Your Business May Be Paying Too Much Tax
Businesses received the lion