Bonus Depreciation Is Back. Don’t Let the Tax Tail Wag the Dog

[William Thompson]

Ever since the One Big Beautiful Bill brought back 100% bonus depreciation for certain qualified property acquired after January 19, 2025, I’ve been getting more calls from investors asking the same question: “What do I need to buy to get a tax deduction?”

And my answer is always the same:

Do not let the tax tail wag the dog.

Yes, tax benefits matter. A lot. But they are still just one part of the deal.

The four pillars I want investors thinking about are:
appreciation, mortgage paydown, cash flow, and tax benefits.

If the deal only works because of the deduction, that’s usually a red flag.

A good tax strategy should support a strong investment, not rescue a weak one.

I’m curious how others are seeing it right now.
Are more investors buying for the write-off first, or are most still focused on the fundamentals?