$12k equip. purchased May 2023. Have $7,900 in taxable income for this business, Can I use Section 179 Dep. of $7,900 and Bonus Dep. of $3,280 & MACRS Dep. of $164?
$12k equip. purchased May 2023. Have $7,900 in taxable income for this business, Can I use Section 179 Dep. of $7,900 and Bonus Dep. of $3,280 & MACRS Dep. of $164?
yes you can for 5 year property. the question you have to answer is it economically wise to take the max.. if you are in a very low tax bracket in 2023 and expect to be in higher tax brackets in the ensuing years, stretching out the depreciation deduction may be more beneficial in tax savings even when you take into account that a $ today is worth more than a $ next year