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New IRS ruling lets you cash in on bonus depreciation

by on
in Small Business Tax,Small Business Tax Deduction Strategies

Bonus depreciation is back and better than ever. Now the IRS has issued a new ruling on this revived tax break. The new IRS guidance provides certain options, including a downward election, plus coordination with other tax code sections and creates an “escape hatch” for business vehicle owners who might face unfavorable tax results under the new rules.

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