Cost segregation comes taxes a burden? Don’t pay more than required! You can now get an estimate of your tax savings and make the right move for your business with a cost segregation study. Wondering how? reach https://www.expertcostseg.com
Bonus Depreciation is a tax incentive provided by the government that allows an owner of a for-profit commercial asset to immediately deduct a large percentage of the purchase price of eligible assets acquired or constructed within the mandated time frames.
It is simply a way to accelerate depreciation significantly. For the current 100% bonus depreciation, the asset must be purchased or constructed after September 27, 2017, and before January 1, 2024.
Using a cost segregation study, all assets identified with a depreciable life of 20 years or less can be deducted in the first year of ownership. That means all identified 5, 7, and 15 year assets can be totally depreciated in the first year.
100% Bonus Depreciation, as provided by the 2017 Tax Cuts and Jobs Act (TCJA), is set to expire as of midnight on December 31, 2023. However, with the recent regime change in Washington D.C., the law could be changed at any time.
There is no mandate that requires the TCJA to be allowed to sunset as currently written. Given the extraordinary benefits provided by 100% Bonus Depreciation, we encourage all our existing and prospective clients to take advantage of the opportunity while it still exists.
