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4 ways to boost depreciation

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in Small Business Tax,Small Business Tax Deduction Strategies

The new Tax Cuts and Jobs Act (TCJA) includes numerous tax incentives for businesses to grow and expand.

Strategy: Buy more business property. If qualified property is acquired and placed in service in 2018, you can benefit from enhanced “expensing” and other TCJA provisions relating to depreciation.

In fact, in many cases, you can write off the entire cost of business property placed in service this year—even if it costs seven figures!

Specifically, your business may cash in on these four tax breaks authorized by the TCJA, beginning in 2018.

1. Take Section 179 to the max. Under Section 179 of the tax code, your business can expense (i.e., currently deduct) the cost of qualified business property placed in service during the year, up to a maximum allowance. But the Section 179 deduction is subject to a phase-out above a specified threshold.

The TCJA permanently doubles the already-generous maximum allowance to $1...(register to read more)

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