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What is Bonus Depreciation?

The term bonus depreciation focuses on first-year depreciation, where a business can deduct a large asset purchase related to the business purchased during that tax year from its business taxes. This is ideal for small businesses that may have bought assets and need to use the IRS Form 4562 to record business depreciation. These assets will depreciate downward, with the remaining percent for the next tax year and spread over seven years.

When bonus depreciation was introduced in 2018, it started at $100% and held until 2022. The 2023 tax year saw an 80% bonus depreciation, and it is continuing to depreciate further. For 2024, the current bonus depreciation rate is at 60%. An example is when a piece of equipment is purchased at $100,000, and the business can utilize $60,000 of that depreciation in 2024. The other 40% of the asset value will start a traditional amortization in the 2025 tax year and slowly depreciate for the next seven years.

Is your current accountant giving you excuses and BS? ❌ Are you feeling like you might’ve missed out on deductions on last years return? ❌ Still on extension anxiously waiting to hear back? ❌ Wondering if an S election will make sense for you? Not implementing any tax strategies? Let’s fix that for you.

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If you sold Taylor Swift or Beyonce tickets this year, the IRS wants you If you sold tickets to some of the biggest events of the year, you might have to report it as taxable income to the IRS.

Always consult with your CPA firm before working with any ERC (Employee Retention Credit) Promoters! The IRS opened the 2023 Dirty Dozen with warning about Employee Retention Credit claims; increased scrutiny follows aggressive promoters making offers too good to be true.

The IRS is cracking down on a popular small business tax break that could lead to a costly audit The Employee Retention Credit has soared in popularity among pandemic-related tax incentives for business owners, but the IRS has become skeptical of claims.

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IRS warns of new scam involving unclaimed refunds The Internal Revenue Service is cautioning taxpayers to beware of a new scam in which fraudsters are sending out cardboard envelopes from a delivery service asking for personal info.

Personal tax extensions and C corporation extensions due 10/17!! 📈Schedule an appointment on our website. It’s not too late and it’s not too early!⌛️Bookkeeping, payroll services, and full service tax prep available! 🖇 [email protected]📩
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💰📈Call our offices or schedule an appointment on our website. It’s not too late and it’s not too early!⌛️Bookkeeping, payroll services, and full service tax prep available! 🖇 718-554-6672 📞Call now and schedule your appointment. ✍🏼[email protected]📩
www.wisdombooks.com 👨🏽‍💻

💰📈Call our offices. It’s not too late and it’s not too early!⌛️Bookkeeping, payroll services, and full service tax prep available! 🖇 718-554-6672 📞Call now and schedule your appointment. ✍🏼[email protected]📩 www.wisdombooks.com

💰📈Call our offices. It’s not too late and it’s not too early!⌛️Bookkeeping and payroll services available! 🖇 718-554-6672 📞Call now and schedule your appointment. ✍🏼[email protected]📩 www.shtarkman.com

💰Don’t get audited, get It done right the first time! 📈Call our offices. It’s not too late and it’s not too early!⌛️Bookkeeping and payroll services available! 🖇 718-554-6672 📞Call now and schedule your appointment. ✍🏼[email protected]📩 www.wisdombooks.com