Tax Law Update: Bonus Depreciation

The Jeff Trapp Podcast · Jul 27, 2022 · 7m

Today Jeff Trapp, founder of The Tax Planning Pros, shares changes happening with the Bonus Depreciation when 2022 comes to an end. The Bonus Depreciation is a tax incentive that allows a business to immediately deduct a large percentage of the purchase price of eligible assets rather than writing them off over the “useful life” of the asset. Eligible assets that qualify for Bonus Deprecation for example are machinery, computer software, and automobiles. If you’re hoping to maximize your tax savings and were thinking about making a purchase, listen to learn what you need to be doing and why…