Hey taxpayer…
COME ON DOWN!!!
Today we’re going to play the exciting Tax Cuts and Jobs Act (TCJA) game!
If you choose the right door, you could win the grand prize of a huge tax break!
Ready to play? Okay. Let’s go!
Behind door #1 is bonus depreciation. It’s a great way for you to deduct 100% of certain business assets. This can get pretty complicated so before you choose door #1, it makes sense to read the Tax Reduction Letter’s new article titled Tax Tips: Best Choice: De Minimis or 179 Expensing—or Bonus Depreciation?
Behind door #2 is de minimis expensing. The de minimis expensing safe harbor method lets you elect immediate expensing of small-asset purchases. This works well if you meet four IRS criteria. You’ll learn what they are when you read the full article.
Behind door #3 is Section 179 expensing. Section 179 expensing applies before bonus depreciation. If you want to choose door #3, you should remember that the dollar amount you want to expense should be taken into consideration, What’s the right dollar amount? You’ll find out when you read the full article.
So did you win the game?
Did you choose the right door?
Well, it’s not easy to choose. The choice depends on your specific business situation. Luckily, the Tax Reduction Letter can help you make a smart decision and come out a winner … just like it always does.