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Video instructions and help with filling out and completing Where Form 2220 Depreciated

Instructions and Help about Where Form 2220 Depreciated

- baby it's just two minutes you German attack Stefan strikes now what's up YouTube today we're going to cover bonus depreciation that's right truck don't struggle we're gonna grab that deduction in the headlock that's right so we're gonna cover bonus depreciation which is a business deduction that every business owner you can get and whether or not Trump's tax reform affected that so we only have two minutes so let's dive right in alright so here's the basics bonus depreciation is actually a very valuable tax saving tool for businesses it's something that you have in your toolkit every business owner has it and if you don't know you have it be sure to click in the description below we'll have some details about bonus depreciation it basically allows your business to take an immediate first year deduction on the purchase of all eligible equipment so if you buy equipment for your office like computers and chairs in the first year that you buy that stuff you can actually take a bonus depreciation on that equipment that you're buying and you don't have to capitalize it and appreciate it over a certain amount of time so 2021 going forward bonus depreciation was impacted by the tax reform it actually made the bonus depreciation 100 percent deductible permanent up until 2021 so bonus depreciation was increased from 50 percent all the way to 100 percent for all qualified property starting September 17th going all the way to 2021 which means that anything that you bought after September 17th all the way up to 2021 you can take your first year bonus depreciation deduction at 100% now here's one of the rules on this bonus depreciation there's things that are called qualified property that is there certain things that you buy as a business owner that are qualify for this particular deduction things like equipment for your business like machinery things of that sort computers and related peripheral items so if you're buying a laptop computer and extra monitors those things would qualify office furniture office equipment property that is actually not permanent to your property so let's say fixtures that are like attached to your home to your headquarters but you can remove at any point in time they're not permanent to that property even passenger vehicles that are under 6,000 pounds alright so here's a quick visual for you guys so you can just kind of see the difference between bonus depreciation and section 179 it really only qualifies for as you can see here new property only whereas section 179 is new and used property motorist appreciation has no limit on the dollars that you can take whereas section 179 was increased I think to a million dollars but the bonus depreciation doesn't have any limits so no matter how expensive the equipment is if it qualifies for bonus depreciation you can grab the first year deduction for it all right that's it that's the bonus depreciation aspect of the tax reform thank you for watching this video be sure to subscribe and we'll see you guys at the next video wow that was the best two minutes of your life hey thanks for watching hopefully we were able to answer all your questions with our two minute tip be sure to subscribe by clicking the button below and check out this video over here for our latest release and that playlist down there for our best playlist and we'll see you guys at the next video Music.

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