Knaub & Company, P.C.

certified public accountants

PO Box 161030, Big Sky, MT 59716

Phone: 406-995-6040

Fax: 406-993-2772


December 2017

Five Last-Minute Deductions

Article Image

As the days left on the calendar fly by, business taxpayers begin to search for ways to reduce their 2017 tax bill. Here’s a look at five less common ideas.

  1. If you have a family-run business, consider starting a succession plan and deduct the cost of legal help and funding, such as the cost of a life insurance policy.

  2. Compare deducting Section 179 equipment and property costs in full, up to $500,000 in 2017, versus depreciating the amount over five or seven years.

  3. Consider paying bonuses and lump sum raises this year rather than next if you expect more income in 2017. If you expect to earn more in 2018, consider delaying bonuses and raises until then.

  4. Ramp up your marketing efforts before year-end. Make your web presence more robust, expand your social media presence or consider traditional advertising avenues.

  5. Consider increasing your basis in a partnership or S corporation and deduct a loss on your 2017 return.


Enter your Name and Email address to get
the newsletter delivered to your inbox every month.


Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.