Tax Law Update: Bonus Depreciation

Today Jeff Trapp, founder of The Tax Planning Pros, shares changes happening with the Bonus Depreciation when 2022 comes to an end. The Bonus Depreciation is a tax incentive that allows a business to immediately deduct a large percentage of the purchase price of eligible assets rather than writing them off over the “useful life” of the asset. Eligible assets that qualify for Bonus Deprecation for example are machinery, computer software, and automobiles. If you’re hoping to maximize your tax savings and were thinking about making a purchase, listen to learn what you need to be doing and why you may want to make your plans now. The Jeff Trapp podcast is sponsored by The Tax Planning Pros which helps entrepreneurs save $15K-$100K plus each year on taxes and create additional cash flow! For more information visit https://thetaxplanningpros.com/