Tax Wizard LLC

Did you know advanced child tax credit payments will have to be reported on your tax return? Be on the lookout for a letter 6419.

https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

Did you know you can deduct the full cost of your asset under 100% Bonus depreciation? If You own a rental here me out! You can deduct the full cost of a property under bonus depreciation rules Section 168(K) for tax year 2022 only? Claim your deduction now.

*Picture below indicates Section 179 deduction which is is similar to bonus depreciation except with agi limits.

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