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In this episode appropriately titled, "Bonus Depreciation Explained," we aim to demystify one of the most queried topics in the tax community. Chris explains the fundamental principles of bonus depreciation, underlining its relevance and the strategic advantage it offers to businesses, particularly small entities and real estate investors. Listeners are treated to practical examples that illustrate how bonus depreciation can be maximized and the potential pitfalls to be wary of.
During this episode, Chris clarifies the specific IRS codes and tax laws governing bonus depreciation and elaborates on the implications of the Tax Cuts and Jobs Act. The episode also covers scenarios such as business asset purchases, the sale of depreciated property, and recapture rules. By simplifying these complex tax concepts, Chris ensures that both novice and experienced taxpayers understand how to leverage bonus depreciation for significant tax savings and compliance. The hosts use real-world examples, like the purchase of industrial equipment and vehicles, to bring clarity to these tax strategies.
Key Takeaways:
Notable Quotes:
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Sunsets & Dinks
www.teachingtaxflow.com/pickleball
CODE: TTF15
4.8
1717 ratings
In this episode appropriately titled, "Bonus Depreciation Explained," we aim to demystify one of the most queried topics in the tax community. Chris explains the fundamental principles of bonus depreciation, underlining its relevance and the strategic advantage it offers to businesses, particularly small entities and real estate investors. Listeners are treated to practical examples that illustrate how bonus depreciation can be maximized and the potential pitfalls to be wary of.
During this episode, Chris clarifies the specific IRS codes and tax laws governing bonus depreciation and elaborates on the implications of the Tax Cuts and Jobs Act. The episode also covers scenarios such as business asset purchases, the sale of depreciated property, and recapture rules. By simplifying these complex tax concepts, Chris ensures that both novice and experienced taxpayers understand how to leverage bonus depreciation for significant tax savings and compliance. The hosts use real-world examples, like the purchase of industrial equipment and vehicles, to bring clarity to these tax strategies.
Key Takeaways:
Notable Quotes:
Episode Sponsor
Sunsets & Dinks
www.teachingtaxflow.com/pickleball
CODE: TTF15
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