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Reduce your 2017 tax bill by buying business assets

Posted by Melanie Posted on Nov 16 2017

Sec. 179 expensing allows businesses an immediate deduction for the cost of eligible asset purchases (up to certain limits), rather than depreciating them over a number of years. Another depreciation break for assets that qualify is 50% first-year bonus depreciation. To enjoy these breaks on your 2017 tax return, you generally must acquire and place assets in service by Dec. 31. But tax reform could enhance these breaks, so keep an eye on legislative developments as you plan your asset purchases. Contact us to discuss the best strategy for your situation.