Bonus depreciation allows businesses to offset the costs of investing in equipment and other qualified assets more quickly. Claiming bonus depreciation on your 2017 tax return may be particularly beneficial. Why? Deductions save more tax when rates are higher, and most businesses’ tax rates will go down in 2018 under the Tax Cuts and Jobs Act. How much can you save? The break allows additional first-year depreciation of 50% or 100% for 2017, depending on when the asset was acquired and placed in service. Contact us for details.
Author: Jeff Lucke
Jeff Lucke, CPA, is the founder of Lucke & Associates, with an entrepreneurial background. Jeff has had ownership interests in businesses within several industries including automotive, construction, healthcare, telecommunications, and restaurants, as well as being active in real estate. As an owner of a growing CPA firm and other businesses, he has gained unique insights into the challenges and issues that face other growing businesses that most other CPAs do not have. This kind of knowledge ultimately benefits every one of the firm’s clients. He is very involved with clients and becomes deeply involved in their businesses and helping them succeed. Jeff is a graduate of the University of Nebraska and holds a Bachelor of Science in Accounting; his professional affiliations include the AICPA and KSCPA. Jeff currently serves a board member for his community on the Construction Financial Managers Association, the American Diabetes Association, and Big Brothers Big Sisters.