(800) 931-6557
(800) 931-6557
ASP
  • Home
  • Services
    • Accounting
    • Accounting FAQ
  • Recruiting
    • Services
    • Recruiting Team
    • Our Process
    • Recruiting Podcast
    • Top Candidates
    • Recruiting FAQ
  • Openings
  • Locations
    • Oregon >
      • Oregon Accounting
      • Oregon Bookkeeping
      • Oregon Team
    • Washington >
      • Washington Accounting
      • Washington Bookkeeping
      • Washington Team
    • Colorado >
      • Colorado Accounting
      • Colorado Bookkeeping
      • Colorado Team
    • Texas >
      • Texas Accounting
      • Texas Bookkeeping
      • Texas Team
  • About
    • Clients
    • Testimonials
    • Inclusion at ASP
    • Resources
    • Submit Resume
  • Blog
  • Contact
  • Payments
  • Home
  • Services
    • Accounting
    • Accounting FAQ
  • Recruiting
    • Services
    • Recruiting Team
    • Our Process
    • Recruiting Podcast
    • Top Candidates
    • Recruiting FAQ
  • Openings
  • Locations
    • Oregon >
      • Oregon Accounting
      • Oregon Bookkeeping
      • Oregon Team
    • Washington >
      • Washington Accounting
      • Washington Bookkeeping
      • Washington Team
    • Colorado >
      • Colorado Accounting
      • Colorado Bookkeeping
      • Colorado Team
    • Texas >
      • Texas Accounting
      • Texas Bookkeeping
      • Texas Team
  • About
    • Clients
    • Testimonials
    • Inclusion at ASP
    • Resources
    • Submit Resume
  • Blog
  • Contact
  • Payments

​In Pursuit of Profit

Read our expert article below or sign up to get articles sent to your inbox.​

5/3/2018

Comments

Tax Reform: Changes to Depreciation Affect Businesses Now

 
Picture
As employers across the country celebrate National Small Business Week, the IRS reminds businesses that the passage of the Tax Cuts and Jobs Act may affect their depreciation deductions and taxes.

​Business taxpayers can generally depreciate tangible property except land, including buildings, machinery, vehicles, furniture and equipment.​


​Changes to depreciation and how they will affect businesses may include:


  • Businesses can immediately expense more under the new law; taxpayers may elect to expense the cost of any property and deduct it in the year the property is placed in service.
  • Maximum deduction increased from $500,000 to $1 million.
  • The phase-out threshold increased from $2 million to $2.5 million.
  • The new law allows taxpayers to elect to include improvements made to nonresidential property. The improvements must have been made after the date the property was first placed in service.

These improvements include: 

  • Any improvement to a building’s interior
  • Roofs
  • Heating and air conditioning systems
  • Fire protection systems
  • Alarm and security systems
 
Improvements that do not qualify:

  • Enlargement of the building
  • Service to elevators or escalators
  • Internal structural framework of the building
 
These changes apply to property placed in service in taxable years beginning after December 31, 2017.
 
Accounting and bookkeeping requirements change and keeping up with those changes is difficult. We are here to help! Contact Eric Moore here.
The content of this article is for general information purposes only. It is not intended to be accounting and/or tax advice. Consult with your CPA or tax advisor for specific recommendations for your circumstances.
Comments

    SUBSCRIBE:

    DOWNLOAD:

    The Ultimate New Business Formation Checklist

    DOWNLOAD:

    Accountant Evaluation

    Categories:

    All
    Accountant
    Accounting
    Accounting Systems
    Artificial Intelligence
    Audit
    Bank Reconciliation
    Benefits
    Bookkeeper
    Bookkeeping
    Brand
    Budgeting
    Business Analysis
    Business Trends
    Career
    Cash Flow
    Change Management
    Checklist
    Closing The Books
    Colorado
    Community
    Contracts
    Controller
    Depreciation
    Ecommerce
    Economy
    Finance
    Fraud
    Government
    Hack
    Hiring
    HR
    Infographic
    Internal Controls
    IRS
    Laws
    Leadership
    Legal
    Local Economics
    Manuals
    Market Trends
    News
    Nonprofit
    Online Bookkeeping
    Oregon
    Outsource
    Payroll
    Payroll Taxes
    Planning
    Procedures
    QuickBooks
    Record Keeping
    Recruiting
    Recruiting Market Reports
    Remote Workforce
    Reporting
    Restaurants
    Risk
    Sales Tax
    Scam
    Security
    Small Business
    Social Media
    Software
    Startup
    Statistics
    Strategy
    Taxes
    Technology
    Texas
    Time Management
    Washington State

    Archives:

    June 2025
    May 2025
    April 2025
    March 2025
    February 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    June 2015
    February 2013
    October 2012
    November 2011
    May 2011



    RSS Feed

Services

Accounting Services
Recruiting Services

​

Company

About
Oregon Team
​Washington Team
Colorado Team
​Texas Team
Clients


Support

Contact
CC
FAQ
​Resources
​Blog
​

ASP

Your resource for accounting & recruiting services. Serving Seattle, Bellevue, Redmond, Kirkland, Portland, Beaverton, Hillsboro, Lake Oswego, Denver, Lakewood, Aurora, Dallas, Frisco, Fort Worth, and more.
Contact us today for a free,
no-obligation consultation:
Toll Free (800) 931-6557
WA (425) 492-1901
OR (503) 473-0122
​CO (720) 572-8211
TX (214) 396-7403

[email protected]
© COPYRIGHT ASP - ALL RIGHTS RESERVED 
 A CFO Selections Company
Privacy Policy
Photos from Pricenfees, Debbieallendale