What’s The Difference Between Bonus & 179 Depreciation?
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- čas přidán 21. 12. 2023
- Are you wondering about the difference between Bonus Depreciation (168K) and 179 Depreciation? Because using the tax code properly to take all the deductions you have coming is essential.
And, yes, they are completely different!
The main differences are: you can use 100% of 179, but it can’t create a loss; Bonus Depreciation is only 80% in 2023; and now 179 must be used first. Of course, there are many other nuances to explore.
The purpose of this video is to help you get your arms around the differences between 168k and 179 and how to use them to your advantage. There is more to know about other differences between these two, so it’s worth it to view the entire video to discover all of them.
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#taxtuesday
Oh Wow, I just learned something new! Thank you
You are welcome
Truly appreciate you work
Excellent Information, keep it up.
Thank you so much! I'm glad you found the information helpful.
great information for people like me that came on the scene in the last few years.
Thank you for your work
You are very welcome
This answers essentially the same question that I had. Thanks!
Glad I could help!
Folks in Tennessee didn’t put 179 on the shelf due to Tennessees lack of use of bonus depreciation... Good presentation.
Bad-ass! Great information guys!
Glad you liked it!
Good stuff sir.
Glad you liked it!
Thanks!
Thank you for the super thanks!
Super helpful! Question - If I take the 'full purchase price' year 1 on a 6000lb business vehicle (using the 179 deduction). What happens year 2? ...can I use bonus depreciation, mileage deduction or actual expense method for the subsequent years? or have I used up all deductions with the 179?
I would like to know this as well...
@@TheBodyFirmATL it’s so confusing, I’ve spoken to a few CPA’s and they all gave slightly different answers
I have a question. Can you take the 80% bonus depreciation on the full purchase price of the vehicle if a portion of it is financed?
Financing doesn't change anything as it is considered a purchase. Same rule apply as outright ownership.
Are vehicles not limited to $30,500 in 179 deduction for 2024?
I paid $8000 for a used SUV that I put in service (100% used for business) under 6000lbs this year, so it sounds like I can use 179, but 168 seems a little tricky in the State of Ohio. It looks like they did not adopt the full bonus depreciation and would like us to deduct straight through the years. Have you guys confirmed if that is true for the tax payers of Ohio?
179 bonus depreciation for FLPs reduce you short term capital gains on stocks held in the same FLP?
Thanks for this video. Can we use 179 to offset W2?
Great question, in order to assist you further, I highly recommend you attend our Free Tax & Asset Protection Workshop where our attorneys and specialists will answer all your questions live at the virtual event. aba.link/taptoby
why couldnt a roof simply be called a repair ,because someday upon selling an asset,it must be RECAPTURED,THE amount it sold for is all taxable.....if 179 was used...whereas that roof is probably needing replaced again,about the time you sell.....theres a reason,but l dont know wht it is.