New Bonus Depreciation - What's Changed?

In this video, I talk about how bonus depreciation has changed over the years due to the Tax Cuts and Jobs Act passed in 2017. I also talk about the comparison of bonus depreciation and Section 179 depreciation and how they differ to affect your final taxable income.
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This video is for entertainment purposes only. The information portrayed in this video should not be considered as tax or legal advice. Consult with your own tax professional and attorney to get proper advice for yourself.

[@smallbiztaxlady]

Thank you!

[@salpremiers]

This is such a great video! Thank you for all the info it was very informative!

[@blitxwhx_x]

Thank you for this update

[@mark3r442]

hello, I can’t seem to find this anywhere and was curious if you had a video for it or would be interested in producing one. If I’m using (can I use) bonus depreciation for startup costs of a business with no profits yet (farm/agritourism, buying equipment and structures). Can I offset W2 income, and, how does this impact a refund (if at all)? Making less than 100k a year

[@headlibrarian1996]

5 year straight line depreciation doesn’t take 5 years, it’s normally 6 years assuming mid-year convention. 10-20-20-20-20-10.

[@HuskyMike]

Does choosing either the Bonus Depreciation or Section 179 deduction affect the businesses eligibility for a tax refund? i.e. Does one allow for the deduction to result in a refund where the other does not?

[@headlibrarian1996]

Bonus depreciation can create a net loss but section 179 can’t. Suspended section 179 deductions can be carried forward an unlimited number of years.

[@mark3r442]

@@headlibrarian1996but can that net loss result in a refund? more interested from a bonus depreciation standpoint because of offset to W2 income. Thank you for the information!