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Mastering the Maze of Bonus Depreciation and Deductions

November 24, 20231 min read

November 24, 2023

Season 1, Episode 26

Description:

Ever wonder how to navigate the labyrinth of depreciation in taxes? Your curiosity ends here as Richard, our tax director, steps in to guide you through the intricacies of bonus depreciation. We unravel the four cardinal questions to ascertain a property's eligibility for depreciation. We also unpack the complexities of recovery periods and share a valuable nugget about a safe harbor provision for assets priced at $2,500 or below. 

Switching lanes, we put our pedal to the metal to maximize deductions. Our journey takes you through a comparative analysis of cents per mile and actual expenses, including depreciation, for your vehicle deductions. Richard drops some wisdom on maintaining compliant mileage logs and harnessing bonus depreciation for real estate. Listen keenly as we unravel the cap on depreciation on certain vehicles during the first year. We wrap up by addressing an array of depreciation queries from our Facebook community, dissecting various assets that can be depreciated and the diverse methods for calculating depreciation. If you're all about staying ahead of the tax curve, this episode is your perfect road map.

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bookkeeping for paintersMastering Bonus Depreciation and Deductionsmaximize tax deductions
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Daniel Honan

Daniel Honan is a former painting business owner and military intelligence officer with an MBA and a degree in Accounting. He's been in your shoes. Everything from cold calling for estimates, in-home consults, managing crews, to running payroll. With his accounting, intel, and painting industry experience, he's put together a back-office system to help painting contractors crush it by helping them know their numbers and what they mean, save big in taxes, and streamline and automate their processes to save time and money.

Back to Blog
blog image

Mastering the Maze of Bonus Depreciation and Deductions

November 24, 20231 min read

November 24, 2023

Season 1, Episode 26

Description:

Ever wonder how to navigate the labyrinth of depreciation in taxes? Your curiosity ends here as Richard, our tax director, steps in to guide you through the intricacies of bonus depreciation. We unravel the four cardinal questions to ascertain a property's eligibility for depreciation. We also unpack the complexities of recovery periods and share a valuable nugget about a safe harbor provision for assets priced at $2,500 or below. 

Switching lanes, we put our pedal to the metal to maximize deductions. Our journey takes you through a comparative analysis of cents per mile and actual expenses, including depreciation, for your vehicle deductions. Richard drops some wisdom on maintaining compliant mileage logs and harnessing bonus depreciation for real estate. Listen keenly as we unravel the cap on depreciation on certain vehicles during the first year. We wrap up by addressing an array of depreciation queries from our Facebook community, dissecting various assets that can be depreciated and the diverse methods for calculating depreciation. If you're all about staying ahead of the tax curve, this episode is your perfect road map.

Subscribe to the Profitable Painter Podcast

bookkeeping for paintersMastering Bonus Depreciation and Deductionsmaximize tax deductions
blog author image

Daniel Honan

Daniel Honan is a former painting business owner and military intelligence officer with an MBA and a degree in Accounting. He's been in your shoes. Everything from cold calling for estimates, in-home consults, managing crews, to running payroll. With his accounting, intel, and painting industry experience, he's put together a back-office system to help painting contractors crush it by helping them know their numbers and what they mean, save big in taxes, and streamline and automate their processes to save time and money.

Back to Blog

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