If you’re a business owner, you can reap the benefits this year of changes in the tax code enacted in December 2017. You can write off most of your depreciable business assets in the year the assets were used.
Here is what you need to know about the new deductions:
- Business assets with 20-year recovery periods or less may be eligible.
- Machinery, equipment, computers, appliances, and furniture may qualify for the deduction.
- Only property that was acquired and put in use after September 27, 2017 qualifies.
- Eligible property must be included on a return filed on time. Certain exceptions may apply.
The IRS provides information on the types of property that qualifies for the deductions. For more information, go to https://www.gpo.gov/fdsys/pkg/FR-2018-08-08/pdf/2018-16716.pdf.
Other details may apply, and you can find more information on the IRS website.
* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
Tip adapted from IRS.gov