What’s The Difference Between Bonus & 179 Depreciation?
HTML-код
- Опубликовано: 21 авг 2024
- Are you wondering about the difference between Bonus Depreciation (168K) and 179 Depreciation? Because using the tax code properly to take all the deductions you have coming is essential.
And, yes, they are completely different!
The main differences are: you can use 100% of 179, but it can’t create a loss; Bonus Depreciation is only 80% in 2023; and now 179 must be used first. Of course, there are many other nuances to explore.
The purpose of this video is to help you get your arms around the differences between 168k and 179 and how to use them to your advantage. There is more to know about other differences between these two, so it’s worth it to view the entire video to discover all of them.
TAX TUESDAY LIVE
Join us every other Tax Tuesday, where you can have your tax questions answered live by our experts entirely FREE. Register Now 👉 aba.link/s36
---------------------------------------------------------------------------------------------------------
SUBSCRIBE
aba.link/subsc...
~~~~
FREE TAX & ASSET PROTECTION WORKSHOP
Learn about Real Estate Asset Protection from Clint Coons, Esq., and Toby Mathis, Esq. at our next all-day FREE Live Stream. Our attorneys and specialists will answer all of your questions: Save Your Seat: aba.link/h0x
FREE REAL ESTATE INVESTMENT STRATEGY SESSION
Claim Your FREE 45-minute Investment Strategy Session to receive business planning tips and asset protection. 👉 aba.link/lha
TAX TUESDAY LIVE
Join us every other Tax Tuesday, where you can have your tax questions answered live by our experts entirely FREE. Register Now 👉 aba.link/s36
OTHER ANDERSON ADVISOR EVENTS
Learn a rich selection of subjects like tax and asset protection, business, investing, and more. Our partners, attorneys, and other skilled experts will help you learn what you need to know in order to better your chances of success in your professional life.
aba.link/tobye...
~~~~
FINANCIAL PLANNING & TAX RESOURCES
📚 Order Your Copy of "Infinity Investing: How The Rich Get Richer And How You Can Do The Same" Here: 👉👉 👉 aba.link/IIWbook
Order Your Copy of ”Tax-Wise Business Ownership" and find greater success by taking advantage of tax laws for your business. Here 👉 aba.link/tobyshop
Visit Anderson Advisor's website for content, like articles, podcasts, and more that we publish alongside my channel. 👉 aba.link/tobyaba
~~~~
FOLLOW US:
Instagram: aba.link/insta...
Facebook: aba.link/facebook
Twitter: aba.link/twitter
LinkedIn: aba.link/linkedin
TikTok: / tobymathisesq
~~~~
CONTACT US
Phone: 800.706.4741
Email: info@andersonadvisors.com
Fax: 702.664.0545
ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
---------------------------------------------------------------------------------------------------------
The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#taxtuesday
Oh Wow, I just learned something new! Thank you
You are welcome
Folks in Tennessee didn’t put 179 on the shelf due to Tennessees lack of use of bonus depreciation... Good presentation.
Super helpful! Question - If I take the 'full purchase price' year 1 on a 6000lb business vehicle (using the 179 deduction). What happens year 2? ...can I use bonus depreciation, mileage deduction or actual expense method for the subsequent years? or have I used up all deductions with the 179?
I would like to know this as well...
@@TheBodyFirmATL it’s so confusing, I’ve spoken to a few CPA’s and they all gave slightly different answers
I have a question. Can you take the 80% bonus depreciation on the full purchase price of the vehicle if a portion of it is financed?
Financing doesn't change anything as it is considered a purchase. Same rule apply as outright ownership.
This answers essentially the same question that I had. Thanks!
Glad I could help!
Excellent Information, keep it up.
Thank you so much! I'm glad you found the information helpful.
great information for people like me that came on the scene in the last few years.
Truly appreciate you work
Thank you for your work
You are very welcome
Bad-ass! Great information guys!
Glad you liked it!
I paid $8000 for a used SUV that I put in service (100% used for business) under 6000lbs this year, so it sounds like I can use 179, but 168 seems a little tricky in the State of Ohio. It looks like they did not adopt the full bonus depreciation and would like us to deduct straight through the years. Have you guys confirmed if that is true for the tax payers of Ohio?
Thanks!
Thank you for the super thanks!
Good stuff sir.
Glad you liked it!
179 bonus depreciation for FLPs reduce you short term capital gains on stocks held in the same FLP?
Are vehicles not limited to $30,500 in 179 deduction for 2024?
Thanks for this video. Can we use 179 to offset W2?
Great question, in order to assist you further, I highly recommend you attend our Free Tax & Asset Protection Workshop where our attorneys and specialists will answer all your questions live at the virtual event. aba.link/taptoby
why couldnt a roof simply be called a repair ,because someday upon selling an asset,it must be RECAPTURED,THE amount it sold for is all taxable.....if 179 was used...whereas that roof is probably needing replaced again,about the time you sell.....theres a reason,but l dont know wht it is.