![]() ![]() Property eligible for bonus depreciation has historically been limited to machinery, equipment, and software. This allowance is reduced to 40% in 2018 and 30% in 2019, and it will not be available in the calendar year 2020 and beyond. In 20, 50% bonus depreciation is available to be used on all “eligible property,” according to Internal Revenue Code Section 168(k). One element of the PATH Act that we did not discuss in detail in our previous article was the expansion of property that is eligible for bonus depreciation. The recently passed PATH Act of 2015 has touched many different areas of personal and business taxation by extending and making permanent certain tax incentives. Can your business take advantage of bonus depreciation while it lasts? Building improvements now eligible for bonus depreciation The rules for bonus depreciation, a powerful money-saving tool for businesses, have recently changed: it can now be applied to more types of property, but it is set to expire at the end of 2019. ![]()
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