Labor/Employment,
Tax
Dec. 19, 2022
Phasing out the bonus depreciation tax break
Going forward, although bonus depreciation is the first of the tax benefits being reduced or phased out, it is by no means the last.
Phil Jelsma
Partner and Chair of the Tax Practice Team
Crosbie Gliner Schiffman Southard & Swanson LLC (CGS3)
Email: pjelsma@cgs3.com
Phil is chair of the tax practice team at CGS3. He is recognized as a leading joint venture and tax attorney, with a 30-year background in real estate exchange transactions, syndications, nonprofit corporations and international tax planning.
As the old adage says, “all good things must come to an end.” Once a valuable tax break, bonus depreciation – definitely a good thing for business of all scopes and sizes – will begin to phase out on Dec. 31, 2022.
According to the Internal Revenue Service (IRS), bonus depreciation allows business taxpayers to deduct additional depreciation for the cost of qualifying business property, beyond normal depreciation allowances – encouraging ca...
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