Bonus Depreciation vs. Section 179 - Which is better for YOUR business?

In this video, Alexander Efros, MBA, EA, CPA, CFP® from Efros Financial explains the differences between Bonus Depreciation and the Section 179 deduction allowance.
What is the Section 179 Deduction and How Does It Work? - Part 1 of 2: • What is the Section 17...
What is the Section 179 Deduction and How Does It Work? - Part 2 of 2: • What is the Section 17...
Visit Efros Financial online -- we're here to help! www.efrosfinan...
Questions? Please feel free to reach out at [phone] or [e-mail].

[@toddlempe1454]

Oscar award for a youtube video = the most condensed info per topic. Genius. Great communicator.

[@MurrayEstes]

I tip my hat to this guy! I would never take the time to post this for free! Excellent Video! Surfing CPA in Hawaii and California

[@Rintin820]

this video is beautiful. I'm doing intermediate accounting class and i dont know wtf they were talking about. Thank you for taking the time to upload this.

[@xenstanhope6014]

This is another excellent video from Alex.

[@kindman35]

Best communicator ever!

[@RadhikaMeera]

Great video

[@EfrosFinancial]

Thanks for watching and for your kind words! Be sure to subscribe for more videos! :D

[@dieule507]

Thank you Alex. You're very easy to understand.

[@EfrosFinancial]

Hello there, Dieu! Thank you for watching and for your feedback! :D

[@sharkktongue]

Thanks for this simple video explanation of the very confusing depreciation. I actually run when I hear the D word. It’s funny how you turned your blooper into a rap session. We’ll probably see you work with JayZ or Kanye someday 😊

[@EfrosFinancial]

Thank you for watching and for your kind words, sharkktongue! Haha, can't wait to collaborate with the rap greats on the next big tax rap track! :D

[@tomwehr6022]

I wish there were videos like this out there for Ultratax and not just Lacerte!

[@rveerman1800]

Very detailed and presented very well !!

[@EfrosFinancial]

Thank you for your feedback! :D

[@anesiasmith7306]

Excellent Breakdown!! Thank you

[@EfrosFinancial]

You're welcome! Thanks for checking out the video! :D

[@Nicki21984]

Great video !

[@EfrosFinancial]

Thanks for watching and for your feedback! :D

[@annakarstens]

great video! would love to work with you next year.

[@EfrosFinancial]

Thank you for your comment. Please feel free to schedule a free 15-minute phone consultation here: calendly.com/efrosfinancial/free-15-minute-phone-consultation?month=2023-10. You may learn more about our bookkeeping/tax services here: www.efrosfinancial.com/bookkeeping2/.

[@MurrayEstes]

Excellent Alex!

[@realityblooms]

Great high level course!

[@anchoryachtrentals1699]

Is there a cap for Bonus Depreciation? Section 179 is capped at $1.08M in 2022... is there a cap for Section 168???

[@anchoryachtrentals1699]

Also, has the deduction schedule (Section 168) been updated since this video? We are now in 2022 and it say 100%... has that been extended, modified, or changed in any way?

[@makhijacpallc7571]

Great Video

[@EfrosFinancial]

Thanks!

[@elijahfoster2]

Very helpful, very easy to understand! Thanks.

[@EfrosFinancial]

Thank you for watching and for your kind words, Elijah! :D

[@TroiOi78]

Does bonus and 179 only apply to new equipments?

[@funnellsites1557]

Can you elect section 179 year one of a vehicle purchased for business use and then in year 2 and every year thereafter take the mileage deduction?

[@avradeepdas2427]

Please share that excel

[@metalrooves3651]

l believe for a piece of heavy equipt,the simple way is simply 179 for me..l dont understand why i need to opt out of the bonus...my accountant isnt a CPA,l really wonder if he knows any of this !l do so much for him,categorizing everything,and letting him put it all together..SO L NEED to understand this somewhat...l make money ,never use any of this to show a loss to pay zero.

[@strategicservices9906]

Great Video; I have a question How many years is a furnace depreciated for? Thank you

[@MooreCashFlow]

What about the Mountains? lol great video!

[@frederickwhite2253]

So if a state does not allow the full Sec 179 amount, would you be best to defer the remainder as standard MACRS depreciation?

[@OneGeniusBlog]

This is helpful in terms of "understanding that you don't understand is already leading to understanding". I would need to have more material with adition of more time dedicated into a subject to actually fully dive in and feel confident. But it's good start, thank you, maybe afyer third time watching with a mix of other resorces picture will get come colors and formes, for now it's abstract to me we a strong feel it's a picture, just takes some time looking at it in order to understand whats on it and how to apply.

[@chelseypeng3731]

Very helpful video. Can you also provide the spreadsheet you showed in the video? Thank you!

[@EfrosFinancial]

Thank you for watching the video and for your feedback! Per your request, the spreadsheet shown in the video may be downloaded by using the following link: mega.nz/#!IIAgCCCb!EG_bVUX0tLTy0zPdaDS5v6EmcFunTcot3hh4R1po6Fc Please feel free to reach out with any questions! :)

[@stevefowler858]

Efros hope you can help and many others. Say a company purchased a $37.5k truck +6000# for 100% business use and took the section 179 allowed for the $25k deduction in year 1 (2016). Had low revenue in 2017 and wanted to defer appreciation of 2017 with 2018. Have no idea how to calculate year 2 (2017) and 3 (2018) depreciation to fill out form 4562 for 2018.

[@jacobpirtz2329]

machinery imported from china applies for section 179?

[@chefjosesoto]

I have been paying taxes out my pocket for my c corp to maintain it for the future use and to gather money to get my business...I have no credit no money at all but still paying my taxes for my c corp how do I get House and Car? Is this possible to do with a someone in my position? Help please 🙏

[@thuanicabeelady7229]

Hi Alex! May I ask what tax program are you using? Really I don’t want to rely on QB online.

[@EfrosFinancial]

Hello there, The tax software that I am currently using is called Lacerte -- it is a software package for tax professionals.

[@roxielizabeth8962]

WTH. I was so excited about bonus depreciation and then I saw I lived in CA and that is where I plan to buy my investment property :( DOes this mean I cant do bonus at all ??

[@EfrosFinancial]

The state of CA doesn't allow bonus depreciation! Just one of the many ways CA is not particularly business-friendly. :-/

[@roxielizabeth8962]

@@EfrosFinancial if I invested in a state that does, would I be able to take advantage of it ?

[@ochicoloto3524]

nice, but we can't see your excel sheet because of your video. show one at a time

[@guljaukarbatkhan4872]

Great explanation! Is it possible to get the spreadsheets?

[@EfrosFinancial]

Thank you for watching the video and for your feedback! Per your request, the spreadsheet shown in the video may be downloaded by using the following link: mega.nz/#!IIAgCCCb!EG_bVUX0tLTy0zPdaDS5v6EmcFunTcot3hh4R1po6Fc Please feel free to reach out with any questions! :)

[@guljaukarbatkhan4872]

@@EfrosFinancial Thanks Alex!

[@mecbalde888]

Great video! I see that you're also using Lacerte. If I take the bonus depreciation and it created a loss, how is it going to be shown on the K-1 of an LLC member? On the following year, it is showing as a section 179 but it was actually a bonus depreciation. In Lacerte, I put it as a prior bonus depreciation and it is showing on the K-1 as section 179. Can you please explain briefly this part, how it is shown on the K-1 if in 2019 bonus depreciation created a net loss, then 2020 i want to take a bonus depreciation but this time it has enough income. For some reason, on K-1 it is showing as section 179. Also, what is the effect on the self-employment earnings? Thank you so much in advance.

[@yesic2288]

Can I purchase a car for my full time delivery food job and use 179? Im an independent contractor

[@mosesnikko16]

Sure you can as long the SUV is more than 6000 pounds.

[@iamisraelvillafana]

Too technical. Got nothing out of this.

[@juiceisundecided6264]

can you get you to help me with a 179/bonus depreciation consulting for my taxes? Can I call you?