Tax Extender Bill: Reverting Bonus Depreciation Back to 100%

Key Takeaways:

1. Bonus depreciation allows businesses to expense capital asset purchases immediately, impacting cash flow and investment opportunities positively.

2. The Tax Cuts and Jobs Act initially enabled 100% bonus depreciation in the first year, set to decrease to 80% in 2023.

3. A bipartisan "tax extender bill" may restore the 100% bonus depreciation rate, providing significant benefits to business owners.

4. Provisions for business interest expense deductions empower companies to invest in growth through capital and team expansion.

5. A hopeful outlook is expressed toward the Senate's anticipated approval of the bill, reinforcing the support for small and medium-sized businesses.

Chapters:

Timestamp Summary

0:00:45 Discussing the upcoming March 16 deadline for filing business returns.

0:01:25 Explaining the concept of bonus depreciation and its benefits for business owners.

0:03:49 Mentioning the tax extender bill to revert bonus depreciation back to 100%.

0:05:22 Highlighting other tax savings opportunities for business owners.

0:06:29 Discussing the lowering of interest expense thresholds for business owners.

0:07:56 Sharing contact information for further discussion on tax law changes.

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.