InTents August/September 2019 - 54

business | management
Tax write-offs

The losses from
a money-losing
activity-either from
an existing business
or a start-up-can
be used to offset the
income from
other sources.

It's logical to consider using many of
the TCJA's tax breaks to start or grow a
business. Be aware, however, that the
TCJA's tax breaks can both help and
hinder those expansion plans, as many
of the potential pitfalls in our basic tax
rules still exist.
Although there is the 100 percent
write-off of equipment and other
business asset costs, there must be
taxable income that can be reduced by
that write-off. Additionally, to make
those purchases, money must be
borrowed or the equipment must be
leased. Larger businesses attempting
to borrow expansion funding are now
limited to an interest expense deduction
that cannot exceed 30 percent of the
operation's income.

Leasing, long a staple of cash-starved
businesses and start-ups, faces new
accounting rules that require most leases
to be reported on the operation's inancial
statements. Publicly traded businesses
must already treat leases as a liability,
while smaller businesses are required
to begin similar reporting in 2020. Also,
don't forget that the tax deduction for
start-up expenses remains limited.

The right funding
One of the hardest questions to answer
is what kind of funding should a start-up
or expanding business seek. This quest
begins with an understanding of the
various types of inancing, where that
funding may be found, and at what cost.
Generally, there are two basic ways to
fund a business: debt inancing or equity

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54 intents

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InTents August/September 2019

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