1099 CRNA Institute: Thrive as your own boss-What is Section 179 and Accelerated Depreciation?

What is Section 179 and Accelerated Depreciation?

Video Transcription

Video Summary

The video discusses tax benefits related to Section 179 and accelerated depreciation for small businesses like CRNAs. Section 179 allows deductions for equipment and vehicles used for business, including financing. To qualify, vehicles must weigh over 6,000 pounds and be used over 50% for business. Accelerated depreciation offers larger deductions in early ownership years, lowering taxable income. Bonus depreciation can further expedite asset depreciation. Vehicles under and over 6,000 pounds have varying deduction limits. These strategies can optimize tax benefits, must be evaluated based on individual circumstances, and should be discussed with a tax professional.

Keywords

Section 179

accelerated depreciation

small businesses

CRNAs

tax benefits