Reported 2 days ago
Bonus depreciation allows businesses to immediately deduct a significant portion of the cost of eligible assets, such as machinery and equipment, in the year they are put into service. This tax benefit promotes short-term cash flow improvement and long-term investment; however, businesses should be mindful of its gradual phaseout beginning in 2023. While many assets qualify for bonus depreciation, some, like real estate and intangible assets, do not. Consulting with financial advisors can help businesses optimize their tax strategies and ensure compliance.
Source: YAHOO