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The Tax Cuts and Jobs Act (TCJA) made some significant changes to depreciation that can help reduce your tax bill! Under the new law, you will be able to deduct more than last year.
The TCJA changed limitations on luxury automobiles depending on the amount of bonus depreciation elected. If less than 100% bonus depreciation is elected, you get an additional $10,000 in depreciation the first year. If 100% bonus depreciation is elected, the depreciation limit is $18,000 for the first year.
The TCJA will provide taxpayers with additional opportunities to increase deductions, but some of the opportunities exist for a limited time!
As one of Oregon's largest CPA firms, Delap LLP is here to serve your accounting, wealth advisory and cybersecurity needs. For more information about the many changes associated with tax reform, contact a Delap advisor or call 503-697-4118 today.
Check out our previous 2018 presentation on Tax Reform, download the slides today: