Did You Take Advantage of the Last Year of 100% Bonus Depreciation (2022 Tax Year)

Did your business make any investments in capital assets in 2022? Then, you should work that into your end-of-year tax plans if you still need to.

Why? Because 2022 is the last year, your business can take advantage of 100% bonus depreciation for tax purposes. In 2023, it drops to only 80%.

So, what is bonus depreciation, and how can it benefit your business? In a nutshell, it is a tax break for businesses that allows them to deduct up to 100% of the purchase price of eligible assets. Considering that this fourth quarter of 2022 is the last chance you'll have to get the 100% bonus depreciation, it might be a good idea to make qualifying investments now if they make sense.