Bonus Depreciation Archives - Page 2 of 2 - FREE Yourself from IRS Problems

IRS, Treasury Issue Guidance On Bonus Depreciation Elections

At the end of July (7/31), the IRS issued Revenue Procedure 2019-33 (“RP 2019-33”) allowing a taxpayer to make a late election, or to revoke an election, under section 168(k) of the Internal Revenue Code. This applies to certain property…

Shamsey Oloko May 17, 2017 Bonus Depreciation, Depreciation 0

§179 And Bonus Depreciation in 2017

Pursuant to § 179 of the Tax code, businesses may deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. The “Protecting Americans from Tax Hikes Act of 2015” (PATH Act) expanded the…

Shamsey Oloko May 15, 2017 Bonus Depreciation, Depreciation 0

The § 179 Deduction Explained

The Internal Revenue Code through Section 179 permits businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. Thus, if qualifying equipment is purchased or leased, the full purchase price may…