Before Dec. 31, your business should buy any needed business assets and place them in service. That way, you can take advantage of the Section 179 deduction and bonus depreciation.
With the new year comes the need for small-business owners to begin thinking about filing their 2018 income tax returns. The TCJA could significantly alter your tax liability compared to previous years. So refresh yourself on its major provisions.
Sec. 179 expensing allows eligible taxpayers to deduct the entire cost of qualifying business property in Year 1, subject to various limitations. Here’s what you need to know.