hello, I can’t seem to find this anywhere and was curious if you had a video for it or would be interested in producing one. If I’m using (can I use) bonus depreciation for startup costs of a business with no profits yet (farm/agritourism, buying equipment and structures). Can I offset W2 income, and, how does this impact a refund (if at all)? Making less than 100k a year
Does choosing either the Bonus Depreciation or Section 179 deduction affect the businesses eligibility for a tax refund? i.e. Does one allow for the deduction to result in a refund where the other does not?
@@headlibrarian1996but can that net loss result in a refund? more interested from a bonus depreciation standpoint because of offset to W2 income. Thank you for the information!
This is such a great video! Thank you for all the info it was very informative!
Thank you for this update
Thank you!
hello, I can’t seem to find this anywhere and was curious if you had a video for it or would be interested in producing one. If I’m using (can I use) bonus depreciation for startup costs of a business with no profits yet (farm/agritourism, buying equipment and structures). Can I offset W2 income, and, how does this impact a refund (if at all)? Making less than 100k a year
5 year straight line depreciation doesn’t take 5 years, it’s normally 6 years assuming mid-year convention. 10-20-20-20-20-10.
Does choosing either the Bonus Depreciation or Section 179 deduction affect the businesses eligibility for a tax refund? i.e. Does one allow for the deduction to result in a refund where the other does not?
Bonus depreciation can create a net loss but section 179 can’t. Suspended section 179 deductions can be carried forward an unlimited number of years.
@@headlibrarian1996but can that net loss result in a refund? more interested from a bonus depreciation standpoint because of offset to W2 income. Thank you for the information!