It’s a good time to buy business equipment and other depreciable property

It’s a good time to buy business equipment and other depreciable propertyThere’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it was increased and expanded by the Tax Cuts and Jobs Act (TCJA).

Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future

Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the futureIf you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly enhances it beginning in 2018.