December Client Bulletin

Working from a home office has become a reality for many of us this year. But what, exactly, are the rules to be able to deduct your home office expenses on your tax return? Read about some ideas to help you qualify for the deduction.

Changes to Depreciation Limits on Luxury Automobiles

The 2018 tax law changed depreciation limits for passenger vehicles placed in service after Dec. 31, 2017, with the greatest allowable deduction for year one now going up to $18,000 (with bonus depreciation) and $10,000 (without bonus depreciation).

Bonus Depreciation in a Post-PATH Act World

The PATH Act added a new class of nonresidential real property, qualified improvement property, which is now eligible for bonus depreciation irrespective of its recovery period. That means that, unlike before, bonus depreciation can now be taken on certain real property improvements with recovery periods of 39 years.