Bonus Depreciation vs Section 179 - Which Is Right For Your Business?

[@borismusheyevcpa]

Hey Everyone, Boris here. Make sure you check out these links. 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: bit.ly/download7TaxWriteOffs ☎ Schedule your FREE Tax Advisory Session - www.TaxPlanningCall.com 👉 Make sure you SUBSCRIBE so you do not miss out on future tax-saving tips and strategies - bit.ly/3AXHUtM

[@Twitledum9]

This is the top search result for "bonus depreciation" so good work!

[@krispy5139]

Most people don't mention this, but if your tax liability is low, neither of these options will help you, or only help a small amount.. Also if you sell or dispose of the vehicle within 5 years, you may end up having to pay back the depreciation... depreciation recap.

[@sharkktongue]

Very interesting, thanks for posting the difference of these two confusing depreciation methods I hope you can make your volume higher, it's kinda hard to hear you.

[@borismusheyevcpa]

Noted! New videos are now with better video and audio quality!

[@sandraholcomb3909]

I am a Realtor ! Can I use section 179 for a Tesla Model X I bought in December 2023 and not do my standard mileage for 2023 but then go back to standard mileage for 2024?

[@jamescrenshaw5097]

Thanks for this. A few comments/questions: If you do use both 179 and bonus, there is an ordering rule to use 179 first. You did not explain the automobile deduction very well. And for using bonus for an auto, what is the impact of percentage of business use? And for 179? I think for 179 the limitation amount is multiplied by business use percentage to set new limitation

[@pverbeek4133]

I wished you went a little more into the auto limits for section 179. You make a comment about it at 11:44/13:07 of your clip. More details on that? Otherwise, very helpful clip. Thanks.

[@thisandthatfloridausa6112]

Good Informative video. Thank you. God bless you.✌👍❤

[@colbydunn8764]

Great video and explanation on point 👍

[@RadhikaMeera]

Good video , pls can you elaborate nol on bd and the carryover loss fork 179

[@OvelQQked]

Can you do a bonus depreciation with commercial solar systems ?

[@stevebutter3k]

Hello Boris. Whate percentage of deprication can I take using section 179 and bonuse deprication on a vehicle that is under 6,000 Ibs and cost $45,000 for 2021 tax year? I am filling my s corp 1120s late and have to amend my 2021 personal tax return. I am on form 4562 for 2021 but its a little confusing

[@elmaniatiko4562]

Tax Write Off

[@GageHarris-u2x]

Appreciate the video. Correct me if I am wrong, but I thought the phase out was after 2.7 million, not 2.5 million. Thanks.

[@AriVovp]

Do I need to put the asset into service in the fiscal year in order to claim bonus depreciation? Or if I order equipment today but the ,work won't be complete until sometime next year .?

[@johnathonjones1597]

Great video. Very informative!

[@HubeSteeze]

Question. You say Section 179 is limited to net profit and cannot create losses. You also say section 179 can be carried forward. What is the difference between section 179 carry forward and a loss carry forward. Is it not treated the same as a deductible expense for the following year?

[@RadhikaMeera]

I had the same question. Does it mean NoL from BD can be used against any other income namely W2 or portfolio income this year and 179 remaining loss cannot be used this year

[@LightingMinds]

Where is the list of autos that meets weight class requirements for 100% depreciation

[@HowtoRestoreHeadlights]

You can google “vehicles with 6000 gvrw” and it will pop up that for ya

[@stevegarcia5932]

I seen his hat knew he was legit

[@kareembigdream]

So question what if your business is new and not making enough money that you would owe the deduction?

[@blueskiesandgreenpasturesp3848]

Pretty sure I read that the deduction can't be more than your taxes owed.

[@jamesnorton1117]

Does this depreciation only pertain to real property or does it pertain to a purchase of the business only, which includes equipment, as in a restaurant purchase for example.

[@jamescrenshaw5097]

It pertains to businesses as well

[@patitsas5bros]

Boris, great video. Tell me, can i roll over these losses against my w2 income? I have a scorp with rental income but most of my income comes from wages

[@ashwanimotwani9478]

We can make the adjustments in scorp and later distribute it to owner, it’s like taking the deduction first on scorp and then allocating the reduced income to partners/individuals

[@raceyouhome]

Do you have to be licensed as a realtor or work in the realty field to benefit from either one of these (bonus depreciation / section 179)?

[@borismusheyevcpa]

No

[@metalrooves3651]

nothing to do with a specific trade!!

[@jefrytoro7182]

Hello quick question what do you mean by one class of asset for bonus depreciation? If I have equipment and Capitalized improvements, can I used bonus for both of those assets?

[@borismusheyevcpa]

Yes u can! I mean if u have 2 equipments, u can not do bonus for one and not other

[@jeremiah03101]

does it matter when it was purchased? i bought my vehicle about 4 years ago but its over 6000lbs

[@willylowman99]

Sell it to your business.

[@AmateurSuperFan]

freaking california works different

[@deanbraden7695]

Repetitious and I know I need to plan. Gimme the facts plz

[@wilbertreed1769]

I didn't see the difference

[@smlince]

Holy shit RE the relentless, intrusive sound effect gimmicks that despite good content made me give up watching any more at 2min 56sec in

[@benhicks3419]

The constant clicking every 30 seconds made me close this video and downvote