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NEW FEDERAL RULES FOR BUSINESS DEPRECIATION AND EXPENSING

The Internal Revenue Service (IRS) is reminding small business taxpayers that changes to the federal tax code means they can immediately expense more of the cost of certain business property. Many are now able to write off most depreciable assets in the year they are placed into service. The Tax Cuts and Jobs Act (TCJA), passed in December 2017, made tax law changes that will affect virtually every business and individual in 2018 and beyond. Among those for business owners are tax rate changes for pass-through entities, changes to the cash accounting method for some, limits on certain deductions and more. Make sure your accountant is aware of these changes. Click here to read the How To Bulletin, or call the Association office for a copy.

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