Hannah HammondFounder & CEO, HB Capital & The Firm RE · CEO of HB Capital | Helping CRE Developers & Investors Fund Deals Nationwide | Host of The Hannah Hammond Show

Tax Advantages For Business Owners - Bonus Depreciation 🙌

Name: Tax Advantages For Business Owners - Bonus Depreciation 🙌
Uploaded: 2024-09-07T23:45:34+00:00
Duration: 38 s
Channel: Hannah Hammond
Description: A short YouTube explainer by Hannah Hammond about "bonus depreciation": she cautions this is not tax advice and suggests consulting a tax professional…

7 Sept 2024 · 1 min

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0:38

A short YouTube explainer by Hannah Hammond about "bonus depreciation": she cautions this is not tax advice and suggests consulting a tax professional. The speaker explains that bonus depreciation has been phasing down but may be reinstated to 100% (potentially next year). She states that currently bonus depreciation is at 60% and that assets over £6,000 (vehicles or equipment) could be written off 100% of their purchase price against ordinary income if reinstated.

Questions this video answers

Assets over £6,000.

60%.

100% (potentially next year).

No — the speaker explicitly says "None of this is tax advice; talk to your tax attorney or CPA."

Chapters

None of this is tax advice, by the way. I always get comments. Anyway, talk to your tax attorney or cpa. Something called bonus depreciation, which it's been dropping over the past couple years because the current president has been trying to phase that out. But they have it with the Senate right now to get reinstated to 100% depreciation, which basically means if any asset you buy that, like any vehicle you buy or equipment you purchase that's over £6,000, you could write off 100% of that purchase price against your ordinary income for that year. Year. I think right now we're at 60% because they've been starting to phase it out, but it could get reinstated to 100% next year.