Bonus depreciation has been reduced to 80%

[Lawrence Porter]

• Yes, there has been a change in the tax law regarding the bonus depreciation percentage.
• Previously, the bonus depreciation percentage was 100%, allowing businesses to deduct 100% of the cost of qualified assets placed in service that year.
• The reduction to 80% means that now businesses can only deduct 80% of the cost of qualified assets in the first year.
• This reduction in the bonus depreciation percentage will mean businesses will get a smaller tax deduction in the first year for new assets and it will be cut 20% each year thereafter until it hits zero.

In summary, the reduction in bonus depreciation percentage to 80% means businesses will now get a smaller tax break on new asset costs compared to before, spreading deductions over more years.

[Lawrence Porter]

[Lawrence Porter]

I should say Bonus Depreciation

[Lawrence Porter]

[Julio Gonzalez]

Great information! Here's an article full of cost segregation FAQs as well. https://www.biggerpockets.com/...

[Evan Polaski]

The upside is you will have larger right offs in later years, since that remaining 20% doesn't just go away and never being able to be written off, it just pushed into "year 2" or later.

[Jay Hinrichs]

my accountant told me that 100% is still here for 2023.. I am going to have to query them again because I thought it was going to 80%

[Lawrence Porter]

Thanks Julio. Cost seg is just one area where savings can be found. 

A quick 60-second confidential survey can

determine if they qualify for any of these benefits:

*Work Comp Insurance Audit client (can keep current provider)
*R&D Study
*Property Owner Tax Incentives
*Property Taxes Reduction For Commercial Property Owners
*Waste & Recycling
*Cost Segregation
*Parcel Shipping
*Credit Card Audit (client can keep current provider)
*Payroll Tax Incentives
*Commercial Funding
*Stryde Retirement Program (SRP)
*Strategic Partnership
**Hiring & Retaining Employees ($1200 - $26,000 per employee) thru WOTC & ERC for W2 employees

[Lawrence Porter]

Yes, double check, it was lowered to 80% and will be lowered 20% each year until it hits zero in 2027 I believe. But there are all kinds of other tax incentives immediately available to business owners with the quick 60-second survey such as: 

*Work Comp Insurance Audit client (can keep current provider)
*R&D Study
*Property Owner Tax Incentives
*Property Taxes Reduction For Commercial Property Owners
*Waste & Recycling
*Cost Segregation
*Parcel Shipping
*Credit Card Audit (client can keep current provider)
*Payroll Tax Incentives
*Commercial Funding
*Stryde Retirement Program (SRP)
*Strategic Partnership
**Hiring & Retaining Employees ($1200 - $26,000 per employee) thru WOTC & ERC for W2 employees