The IRS’s goal is to slow down the expensing of taxpayer’s assets so that revenue stays at a certain level.
As taxpayers, there are opportunities to accelerate expensing. One way is with 179 expensing, the other is with bonus depreciating. To be eligible for 179 expensing taxpayers must have 1245 personal property, which was recently expanded due to the TCJA. This video reviews these two types of expensing and reviews the application of bonus depreciation, as well as qualified and nonqualifying property.
Dawn Polin, CPA
- Senior manager, credits & accounting methods in Cherry Bekaert’s specialty tax group
- Focuses primarily on cost segregation studies, energy studies, and recently implemented tangible property regulations, as well as the federal and multistate taxation of closely-held and private equity/venture capital-owned companies
- More than 18 years of experience
- B.B.A. degree, University of Georgia; M.Acc. degree, University of Florida
- Can be contacted at [email protected] or 919-782-1040
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