"Depreciation and Business Credits: Tax Strategies to Lower Your Bill"In this episode of How to Lower Your Tax Bill, host Terrence Hutchins breaks down two powerful tools for business owners: depreciation and business credits. He explains how these tax strategies can significantly reduce your taxable income and help you keep more of your hard-earned money.Terrence covers:Depreciation: What it is, how it works, and how to decide between Section 179, bonus depreciation, and MAKERS.Business Credits: Key credits like retirement plan startup credits, research and development credits, energy investment credits, and more.Strategic tips on when to depreciate assets upfront versus spreading deductions over time.Plus, hear the surprising story of how a bodybuilder successfully deducted baby oil as a business expense—proving that justifying your deductions can make all the difference.Featured Tax Fact: In the 1980s, a professional bodybuilder successfully claimed baby oil as a deductible business expense because it enhanced his competition performance.For more self-employment tax tips, subscribe to How to Lower Your Tax Bill on Spotify or Apple Podcasts.

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