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Timing Tricks
What deductions you're able to take is not the only consideration. It also matters when you take them. With taxes, as with so much else in business, timing is key.

Scott Kelley (pictured at right) is a co-founder of Service Center Metals, which uses expensive equipment. Writing off such major purchases usually takes years and must be done in accordance with depreciation schedules laid out by the IRS. With the help of a canny accountant, the company has found ways to accelerate various deductions, allowing it to get more money more quickly. All told, accelerated deduction yields hundreds of thousands of dollars to Service Center Metals each year.

"From the very beginning, we've tried to align our growth strategy with tax strategy," says Kelley. "Get money back quickly, use it to fund expansion and buy better equipment, make more money."

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Last updated February 25 2008: 11:17 AM ET