The new and improved Section 179 deduction gives you more ways to take advantage of immediate tax deductions. It’s somewhat like having a flexible tax shelter in your back pocket for when you need it (and also need the property, of course).
As in years past, the Section 179 deduction is available for both new and used assets and offers you deduction flexibility, unlike bonus depreciation.
Now, thanks to the Tax Cuts and Jobs Act, you have up to $1 million in Section 179 deduction availability. You also have new Section 179 qualifying asset possibilities such as:
The big advantage to Section 179 deductions over bonus depreciation is flexibility. But bonus depreciation has its place as a tax strategy.
If you are planning on a number of asset additions this year, please reach out to your team at Luster Tax Consulting to construct a plan for minimizing any possible taxes.
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