Section 179 of the Internal Revenue Code allows businesses to deduct the full purchase price of qualifying equipment and software up to an annual limit.In 2024, for example, taxpayers can expense up to $1,220,000 of qualified assets.This election can apply to many types of tangible personal property, such as machinery, equipment, and off-the-shelf software, which are used predominantly in your business.Limits on Section 179 ExpensingAs attractive as Section 179 may seem, there are limits.For tax year 2024, the maximum investment limit is set at $3,050,000.If your business places more than this amount in service, the amount you can expense is reduced dollar-for-dollar over this threshold.In addition to the dollar and investment limits, the amount of your Section 179 deduction cannot exceed your taxable business income for the year.This means that even if your business invests heavily in qualified property, the deduction could be limited by the business’s profitability.Also, not all property qualifies for Section 179.Real property, like buildings and structural components, generally does not qualify unless it is "qualified improvement property."

I'm just waiting for all of the people who bought Florida land in the past 30 years -- when global warming became widely known in society -- want the federal government to bail them out for declining property values even though they knew they were buying in vulnerable areas.

Did you file your federal tax return but not the georgia tax return?

Depending on what your income bracket is, this can significantly decrease your taxable income.

The other thing I use for savings is my cash position in my taxable brokerage account which right now is getting 4.5% interest. 

The program was created to give low-income tenants an alternative to living in federal project housing.S8 sets their rental rates to the LOW-END of market averages, if not slightly below.What the gurus do NOT tell you is they expect you to get a Class C S8 tenant to rent a Class D property.

Have your realtor pull the tax records and you can see the difference between the SEV and Taxable value to do the calculation.

@Pretty Khare As Ruben and John mentioned above, you can utilize a cost segregation study on your STR property to reduce taxable income (or create a taxable loss) to offset against your W2 income, but you need to ensure you are following the IRS guidelines very carefully.

Benefits of cost segregation really come down to personal tax positions… they can definitely help you lower taxable income but it’s situationally dependent. 

Government is nailing property managers to the wall in a bold move to control financial crimes.BOI is yet another Federal program, “Beneficial Ownership Information.”The BOI program, a key tool in the fight against financial crimes, requires every business to document it’s 'Beneficial Owners.’