As part of final guidance issued that pertains to the Tax Cuts and Jobs Act of 2017, new rules and limitations are in effect for taxpayers who deduct depreciation for qualified property acquired after September 27, 2017. As a business owner, they could affect your tax situation. Let's take a closer look: Businesses Can Immediately Expense More Under Tax Reform A taxpayer may elect to expense the cost of any section 179 property and deduct it in the year the property is placed in service. These...
Reminder: Rules for Depreciation and Expensing
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