The 2022 tax year is the final chance for businesses to take advantage of the 100% bonus depreciation under the Tax Cuts and Job Act of 2017 (TCJA). Bonus depreciation is a tax savings strategy that allows businesses to deduct a certain percentage of the cost of an asset in the first year it is placed into service. This accelerates the process of regular depreciation by allowing the business to deduct a higher amount sooner.
For more details and information regarding the 100% bonus depreciation, visit SMAC News.
And don’t forget to take advantage of Section 179 updated for 2022 tax deductions for businesses. Read more about updates for 2022 in this Mestek Machinery New & Events blog post.