Now that last year’s tax returns have been filed and all of your taxes have been paid (unless you’re waiting until the last minute), you have once again vowed to do all you can to minimize your tax bill next year. One way to do this is to plan your major purchases of tools and equipment to take full advantage of the current tax laws. This kind of planning requires talking about depreciation, something that usually sends me screaming from the room, but bear with me for a moment. In the complicated maze of tax regulation, there are some tax situations where you deduct tools, equipment, and/or materials over time by depreciating them. There are other situations where
