Deadline for new depreciation deduction fast approaching
 

Deadline for new depreciation deduction fast approaching

Business taxpayers who placed qualifying property in service during 2017 but haven’t claimed the new 100-percent depreciation deduction are running out of time to file the election with the IRS.

Individuals and calendar-year corporations must generally file the election with the IRS by Oct. 15.

The deduction, created by the Tax Cuts and Jobs Act, allows businesses to write off most depreciable business assets in the year they are placed in service. Because the deduction is retroactive and applies to qualifying property acquired and placed in service after Sept. 27, 2017, it may affect many 2017 returns. Read more on Accounting Today.