Let's review the most recent update on the Tax Relief for American Families and Workers Act that was passed by the House in Representatives in January 2024, but was hung up in the Senate. Watch this Video Next on Bonus Depreciation ➡️ • Introduction to Accele...
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✅ Bonus Depreciation: Accelerates depreciation to allow a business to expenses a large portion of an eligible asset's cost in the 1st year it was purchased
👉 What is Bonus Depreciation?
-Tax Cuts and Jobs Act of 2017 significantly increased the ability to utilize bonus depreciation
-includes property used in a trade or business or for the production of income and generally applies to MACRS property that has a recovery period of 20 years or less
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Disclosure Disclaimer: The information in this video is provided for general educational purposes only and may not reflect changes in federal or state laws. Please consult with a professional tax advisor about your facts and circumstances.
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