As of January 2, 2018 there is a new and improved Section 179 deduction, thanks to the TCJA. Section 179 was retroactive to 09/27/2017, which means most of you who have depreciable assets have benefited from this change on your 2017 tax return. What is great about Section 179 is it is like having a flexible tax shelter in your back pocket for when you need it for depreciable assets, but it doesn't have to be used. The Section 179 deduction is available for both new and used assets (same as prior years) and offers you deduction flexibility. You have up to $1 million in Section 179 deduction availability. You also have new Section 179 qualifying asset possibilities such as
The big advantage to Section 179 deductions over bonus depreciation is flexibility. But bonus depreciation has its place as a tax strategy. The Section 179 deduction is available for both new and used assets (same as prior years) and offers you deduction flexibility. You have up to $1 million in Section 179 deduction availability. You also have new Section 179 qualifying asset possibilities such as
The big advantage to Section 179 deductions over bonus depreciation is flexibility. But bonus depreciation has its place as a tax strategy.
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances. AuthorKeana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients. |