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.
You might be able to deduct home office expenses for 2017 but not 2018. The difference may depend on whether you’re an employee or self-employed.
It’s the total impact of the TCJA’s reduced tax rates and other changes that will determine whether your tax liability drops for 2018. Changes to the personal exemption, standard deduction and child credit are just the tip of the iceberg.
Bonus depreciation allows businesses to deduct more of an asset’s cost in the year the asset is placed in service. The new tax law’s enhanced bonus depreciation provision may save tax on your 2017 return.
For individual taxpayers, most Tax Cuts and Jobs Act provisions will apply only for 2018 through 2025. But they’ll generally have a big impact during that time.