Brett Walters, a financial planner at TBH Advisors, provides insight for Jeff Stimpson of Financial Advisor Magazine about year-end tax moves for business-owner clients. “Currently, businesses can write off up to 80% of the purchase price of an asset placed into service within the calendar year and depreciate the remaining 20% over the next several years. For example, if the business purchases a vehicle with a [gross weight] of 6,000 pounds or more, the business can deduct 80% of the purchase price within the year the vehicle was placed into service, as long as the vehicle is used solely for the business. In 2024, bonus depreciation falls to 60%, and is reduced by 20% until 2026,” says Walters.
Insights / Consider These Year-End Tax Moves For Business-Owner Clients | Financial Advisor Magazine
Consider These Year-End Tax Moves For Business-Owner Clients | Financial Advisor Magazine
