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Bonus Depreciation of Business Assets
On this episode of Weaver: Beyond the Numbers, Host Tyler Kern talked with Rob Nowak, Partner in Tax Services at Weaver, about the bonus depreciation of business assets.
“Bonus depreciation is one of the incentives that’s been around in the tax code for about 20 years,” Nowak said. “It’s an enhanced expensing election that allows taxpayers to immediately write off the cost basis of qualifying assets placed in service during a year.”
So, what are qualifying assets? It’s a tangible property with MACRS class life of 20 years or less. It also includes some other property that is specialized to an…
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