Section 179 Expensing and Bonus Depreciation Deductions
Generally, the two biggest deductions that can reduce a client’s taxable income are the Code Sec. 179 expense deduction and the 100 percent bonus depreciation deduction. And, as a result of TCJA, bonus depreciation can now be taken on used property as well as new property. It’s important to remember that bonus depreciation rules apply […]
Vehicle-Related Deductions and Substantiation Requirements
In an audit involving a business, the IRS is quick to focus on vehicle expense deductions and whether such deductions are adequately substantiated. Thus, practitioners should ensure that the following are part of any client’s business tax records with respect to each vehicle used in a business: (1) the amount of each separate expense with […]
