3 results for tag: Bonus Depreciation
Ready, Set, Depreciate
Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo
When you buy real property (or personal property that lasts more than one year) to use in your business, you may have up to three options for deducting the cost:
Regular Depreciation
Bonus Depreciation
IRC Section 179 expensing (technically, depreciation in advance)
Regular Depreciation takes several years.
Bonus Depreciation allows you, through 2022, to deduct 100 percent of the cost of personal property in one year. IRC Section 179 expensing allows you to deduct up to $1,050,000 of the cost of personal property....
2020 Last-Minute Vehicle Purchases to Save on Taxes
Here’s an easy question: Do you need more 2020 Tax Deductions? If yes, please read on.
Next easy question: Do you need a replacement Business Vehicle?
If yes, you can simultaneously solve or mitigate both the first challenge (needing more deductions) and the second challenge (needing a replacement vehicle), but you need to be using your vehicle and have it in service on or before December 31, 2020.
To ensure compliance with the “Placed in Service” rule, drive the vehicle at least one business mile on or before December 31, 2020. In other words, you want to both own and drive the vehicle to ensure that it qualifies for the big tax ...