If you own a small to medium-sized business, you likely already know that the Section 179 first-year depreciation deduction is a nice break, because it potentially allows you to write off some or maybe all of your qualified asset additions in Year 1.
And, 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 (TCJA), you have a more favorable and a permanent Section 179 deduction for qualified assets placed in service in tax years beginning in 2018 and beyond.
In this article we explain what you need to know about your benefits from the TCJA changes and other Section 179 deduction opportunities and issues. ... Log in to view full article.