EP21 - How Business Depreciation Works: Bonus Depreciation vs Section 179 for Creators

Welcome to another episode of Let’s Get Fiscal — the podcast where we break down business finances, tax strategies, and money management tips for entrepreneurs, freelancers, and small business owners. Whether you’re looking to maximize your deductions, streamline your bookkeeping, or get expert advice on growing your business, you’re in the right place!

In this episode, hosts Anastasia Aiello and Myiesha Fisher dive deep into:
• Proven strategies for organizing your business finances and staying audit-ready
• The most overlooked tax deductions that could save you money
• Real-world advice for entrepreneurs navigating the complexities of tax season
• Actionable steps to keep your books clean and your business compliant all year long

Why subscribe? Every week, we deliver practical financial advice, real-world case studies, and answers to your most pressing money questions. Our mission is to make business finances less intimidating and more empowering for everyone.

Timestamps

00:00 Introduction to Smart Tax Deductions
00:11 Welcome to Let's Get Fiscal
00:32 Understanding Depreciation
01:38 Safe Harbor Election Explained
08:50 Section 179 and Bonus Depreciation
12:07 Understanding Section 179 and Bonus Depreciation
12:32 Impact of Depreciation on Business Income
13:57 Strategic Use of Depreciation for Business Growth
17:20 Personal vs. Business Use of Equipment
20:17 Timing and Depreciation Rules
22:18 End-of-Year Tax Strategies for Creators
24:27 Conclusion and Final Thoughts

🔗 Helpful Links & Resources

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