Most business owners understand the tax advantages of Bonus depreciation that allows them to write off a large portion of the cost of qualifying assets in the year purchased. This can be a significant tax savings for business owners by encouraging investment in new and used equipment and property each year.
The bonus depreciation rate has varied through the years since it was originally enacted as a way to stimulate the economy after 9/11. Currently the bonus depreciation rate is 100%. This rate is set to expire at the end of 2022, so it is important for businesses to take advantage of it while it is still available.
If you are acquiring, expanding or building a facility Pinnacle’s Cost Segregation team can help you minimize your tax bill and increase your cash flow.
Whether you are looking for compliance assistance or refund opportunities, Pinnacle will provide a clear vision and coordinated plan to minimize your state and local tax cost and liabilities.
Learn how your company’s activities to improve your design, products or process can lead to significant R&D tax credits.