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Recent Posts:


  • Depreciation Changes - 2018

  • 2018 REFUND DELAYS

  • TAX FILING DEADLINES 2018

  • TAX REFORM HIGHLIGHTS

  • TAX REFORM IS COMING !!!

  • Hurricane Tax Relief

  • Hurricane Tax Relief

  • Tax Topic - Projecting Taxes




  • Depreciation Changes - 2018

    Business taxpayers can generally depreciate tangible property except land, including buildings, machinery, vehicles, furniture and equipment.

    Changes to depreciation:

    • Businesses can expense more under the new law & elect to expense the cost of any property and deduct it in the year the property is placed in service.
    • Maximum deduction increased from $500,000 to $1 million.
    • The phase-out threshold increased from $2 million to $2.5 million.
    • The new law allows taxpayers to elect to include improvements made to nonresidential property. The improvements must have been made after the date the property was first placed in service.

    These improvements include any improvement to a building’s interior:

    • Roofs
    • Heating and air conditioning systems
    • Fire protection systems
    • Alarm and security systems

    Improvements that do not qualify:

    • Enlargement of the building
    • Service to elevators or escalators
    • Internal structural framework of the building

    These changes apply to property placed in service in taxable years beginning after December 31, 2017.


    Jordy Bernhard | 05/03/2018




    Tax Due Dates