What are some of the tax benefits of owning my own vending business?
Under current tax laws, there are many benefits*: 1. Write off up to $128,000 in equipment purchases! (Against your net income for that year. Purchases over that amount can be deducted as depreciation over seven years!) 2. Qualified Retirement Accounts can be established, and you can contribute 20% of your business’ income each year, up to $48,000 for each person! (This will compound tax-deferred until you are ready to withdraw it or reach retirement age.) 3. Tax Deductions! You can also write off all expenses from your operating costs. Typical expenses include automobiles, gas, maintenance, insurance, meals, computers, office supplies… the list goes on and on! There are also a multitude of seminars and conventions that relate to your business that are held in many different locations. *Have your accountant detail all appropriate individual tax issues.
