I'm John Bessie with my colleague and friend Jean Marks, the small business columnist for the

Guardian newspaper and for the Philadelphia Inquire.

And it's baseball season, so the Philadelphia Inquire guides me to talk about the Phillies but not today

we're going to talk about taxes today you've got some tax tips this particular year

because the story's been moving what are you recommending for you've got 14 tips here?

Are there any ones that help right now?

Yeah, let me throw out some of the things that have changed just so you know.

And again, we're talking to 2024 everybody. I mean,

2023 is obviously in the rearview mirror. If you're running a small

business, the amount of money that that you can take is deduction when you buy

capital equipment has gone down in 2024.

It still didn't go away, but if you buy, it's called bonus depreciation, if you buy capital equipment for your business,

equipment, furniture, software, hardware,

back in the day, you used to be able to deduct 100% of it

in the first year.

Now you can only deduct 60% of it in the first year and then the remaining you have to

amortize it over its remaining life. But 60% is still nothing to shake your head out

so you know if you're a small business you should still be investing in putting into place capital equipment because that's going to go down even further

The first year benefits next year. So that's number one number two

Clean vehicles John I mean you can now get up to a $7,500 tax credit for buying an electric

vehicle. I know you're thinking of doing the same thing. It is a, the credit itself, which is kind of neat is it can actually be taken directly

the dealer now you can actually get the money taken right off the price of the car

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