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by jjeaff
2615 days ago
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I don't think deduction means what you think it means. If you deduct 100%, you aren't deducting it from the total tax owed. You are deducting from your total taxable income. So if your tax rate is 30% and you spent $1,000 on a camera, you will save $300 on taxes. So the camera is not free. But you do get it for effectively $700. Additionally, you can't deduct the value of a purchase AND depreciate it every year. You do one or the other. And which one you do is dictated by tax law. Double dipping is tax fraud. |
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In Austria we have an "investment bonus" that allows you to do exactly that (with a limit). If you are in the highest tax bracket (50%), this means you can get around 5000€ of equipment effectively for free every year.