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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 can get, and whether or not Trump's tax reform affected that. So, we only have two minutes. Let's dive right in. Alright, so here are the basics. Bonus depreciation is actually a very valuable tax-saving tool for businesses. It's something that every business owner has in their toolkit. And if you don't know you have it, be sure to click on the link in the description below. We'll have some details about bonus depreciation. Basically, it 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, in 2018, going forward, bonus depreciation was impacted by tax reform. It actually made bonus depreciation 100% deductible and permanent up until 2023. So, bonus depreciation was increased from 50% all the way to 100% for all qualified property starting September 17th, going all the way to 2023. Which means that anything you bought after September 17th, all the way up to 2023, you can take your first-year bonus depreciation deduction at 100%. Now, here's one of the rules on this bonus depreciation. There are things called qualified property. These are certain things that you buy as a business owner that qualify for this particular deduction. Things like equipment...