Tax Deduction Defined: Bonus Depreciation Qualifying Property  Bonus depreciation qualifying property allows businesses to immediately deduct a large percentage of an asset’s cost in the year it’s placed in service. Under current IRS phase-out schedules, the deduction dropped to 60% in 2024 — making strategic tax planning more urgent than ever for property owners facing […]

What Qualifies for Bonus Depreciation Under IRS Rules Business owners and tax professionals frequently ask what qualifies for bonus depreciation when planning major asset purchases. Bonus depreciation is a tax incentive that allows qualifying businesses to deduct a significant portion of an eligible asset’s cost in the year it is placed in service, rather than […]