Careful! You may be the victim of “phantom depreciation.”
This occurs when the tax law depreciates your vehicles or other assets without giving you any deductions!
Phantom depreciation can cost you money when you fail to elect out of bonus depreciation.
But keep your chin up. We’ll explain how to solve your problems when you read my new article titled Tax Tips: Fix Your Missed Bonus Depreciation Deductions, or Suffer.
Three ways our fact-filled article can help you:
- We’ll tell you how you can still come out a winner. If you know what you’re doing (and we do!), you can recoup the bonus deduction. All will be explained when you read the full article.
- Bonus: You’ll also learn how to fix a missed Section 179 expense. For tax years 2003 and after, you can change your Section 179 expense deductions with an amended return (within the three-year statute of limitations). You’ll get all the details when you read the full article.
- We’ll show you how to fix the missed bonus depreciation. If you did not elect out of bonus depreciation and you failed to claim bonus depreciation, you triggered that troubling phantom depreciation. But you still have hope. Why? Because you can change the method of incorrect accounting using IRS Form 3115. We’ll explain this clearly when you read the full article.