With the Tax Cuts and Jobs Act (TCJA) that was passed in December 2017, business owners could write off most depreciable business assets in the year they place them in service.
Here are some facts about this deduction that could help your business.
- The 100% depreciation deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property.
- Machinery, equipment, computers, appliances, and furniture generally qualify.
- The 100% depreciation deduction applies to qualifying property acquired and placed in service after Sept. 27, 2017.