Steps to Take as Bonus Depreciation Phases Down
In his latest piece in Accounting Today, Dave McGuire discusses bonus depreciation leveraging down as more portions of the Tax Cuts and Jobs Act expire as we enter the beginning of 2025.
Bonus depreciation was one of the significant provisions in the TCJA, with 100% bonus depreciation by the end of 2022. Unfortunately, this was a temporary provision, and the amount of bonus depreciation started leveraging down by 20% per year in 2023; going into 2025, the bonus depreciation rate will be 40%.
David McGuire is a leading expert on cost segregation, fixed assets and depreciation law and a co-founder of McGuire Sponsel. McGuire continues to grow McGuire Sponsel’s national presence in cost segregation and depreciation.
He is the primary resource for alliance firms in regards to how tax law affects depreciation. His knowledge in determining asset costs and classifications has held up against IRS scrutiny and has built the firm into a trusted industry resource.