New rules to business expensing and deductions are in effect as a result of the Tax Cuts and Jobs Act. Use this depreciation table as a guide when making large purchases for your businesses to decide whether to take a Section 179 deduction or bonus depreciation in the current year or depreciating qualified property over the course its useful life. Weigh this decision along with your overall tax strategy,
Keep in mind this isn’t an exhaustive list and the information is current as of the 2018 tax year. The recovery period refers to the general depreciation method using the Modified Accelerated Cost Recovery System (MACRS).
Consult with a CPA for specific questions related to your situation. Contact Naden/Lean anytime to help you manage the tax treatment of capital purchases.