Hello All,
I have a question related to business startup, section 179.
I am setting up a dental clinic and will be buying equipments etc. in 2008. All the items are 100% tax deductible in first year under section 179.
However, my company will go operational only towards end of this year and therefore will not have any revenues this year.
Can I take the tax deduction towards "income loss" under section 179 in 2008? If not, if I make delay in payment to my suppliers till 2009 starts, will I be able to use section 179 for 20009 ?
Help appreciated,
regards.
Parag
I have a question related to business startup, section 179.
I am setting up a dental clinic and will be buying equipments etc. in 2008. All the items are 100% tax deductible in first year under section 179.
However, my company will go operational only towards end of this year and therefore will not have any revenues this year.
Can I take the tax deduction towards "income loss" under section 179 in 2008? If not, if I make delay in payment to my suppliers till 2009 starts, will I be able to use section 179 for 20009 ?
Help appreciated,
regards.
Parag