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The power of effectively claiming both Section 179 and bonus depreciation deductions can create bigger benefits taxpayers otherwise might have missed. This is particularly important as bonus depreciation is being phased out. The 80% bonus depreciation went into effect Jan. 1, 2023, and that will be reduced by 20% each year until it’s eventually fully phased out in 2027.

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The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting, investment, or tax advice or opinion provided by CliftonLarsonAllen LLP (CLA) to the reader. For more information, visit CLAconnect.com.