Tag: Bonus Depreciation

Can You Amend a Tax Return to Take Bonus Depreciation?

Let’s face it, no one wants to pay more taxes than they absolutely have to, especially when every dollar counts towards your business’s growth and stability. One often-overlooked tax savings opportunity is bonus depreciation, an IRS-approved tax strategy that allows you to deduct a large portion of asset costs in the first year. If you’ve

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bonus depreciation 2023

Property Investors Should Act Now to Secure 80% Bonus Depreciation

Introduction Property investors who want to maximize their returns should be aware of an upcoming tax law change that may affect their ability to do so. In this blog post, we will outline the planned reduction of bonus depreciation rates in years to come and explain why you should conduct a cost segregation study before

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bonus depreciation

A Survey of Changing Bonus Depreciation Rules for Cost Segregation

Thanks to the IRS and changes in federal law, the rules governing bonus depreciation in cost segregation have continued to transform over the years. This article reviews the most significant recent changes and discusses their implications. (Trigger warning for non-CPAs: the discussion is highly technical!) General rules for bonus depreciation​ The IRS Code Section168(k)(7) election: This is

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How Can You Benefit From Bonus Depreciation?

If you are a property owner, then you can benefit from bonus depreciation. Bonus depreciation is eligible on qualifying property with a class-life of 20 years or less. What is Bonus Depreciation? Bonus depreciation is a tax incentive that allows a business to immediately deduct a large percentage of the purchase price of eligible business

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