Changes to depreciation limitations on luxury automobiles and personal use property

The new law changed depreciation limits for passenger vehicles placed in service after Dec. 31, 2017. If the taxpayer doesn’t claim bonus depreciation, the greatest allowable depreciation deduction is:

If a taxpayer claims 100 percent bonus depreciation, the greatest allowable depreciation deduction is:

The new law also removes computer or peripheral equipment from the definition of listed property. This change applies to property placed in service after Dec. 31, 2017.

Changes to the tax code under the new Tax Cuts and Jobs Act will impact virtually every aspect of tax filing, including all sorts of formerly allowable deductions. As your tax professional, Capital Advisory Group Inc. is up to date on all these changes so that you can be assured the best possible tax strategy advice and preparation, whether they’re filing as an individual, a sole proprietor, or a corporation. Give us a call today at 636-394-5524 and let us help guide you through the complexities of these new rules.

Capital Advisory Group, Inc. | 119 Old State Road, Ellisville, MO 63021 | info@capitaladvisorygrp.com