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EP 104: Unlocking Tax Savings - What is Bonus Depreciation?
Manage episode 366486341 series 2951410
This episode is about bonus depreciation. It explains that certain assets, such as computers and fuel for cars, can be fully deducted in the year of purchase since their useful life is not more than one year. On the other hand, buildings have a longer useful life, typically 39 years for commercial properties and 27.5 years for residential properties, so their cost is deducted over time. However, there are components of buildings, like sidewalks and HVAC systems, that have shorter useful lives and can be depreciated faster. This is known as accelerated depreciation, and it allows for quicker deductions. The Tax Cuts and Jobs Act of 2017 introduced bonus depreciation, allowing 100% deduction of certain assets regardless of whether they were new or used. This change expanded the applicability of cost segregation studies, which identify and assign tax lives to individual components of a building, enabling taxpayers to benefit from significant deductions. If you think that your property or portfolio is eligible for a retroactive study, please visit https://www.recostseg.com to learn more.
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Want my free PDF on how to analyze a self-storage facility? Click here: https://sweatystartup.ck.page/79046c9b03
Want to hire me as a consultant? Click here: https://sweatystartup.com/storage
Here are the links to my businesses:
usiness Brokerage - https://nickhuber.com/
Personal Brand - https://sweatystartup.com/
Self Storage - https://boltstorage.com/
Bold SEO - https://boldseo.com/
Insurance - https://titanrisk.com/
Recruiting - https://recruitjet.com/
Landing Page / Web Development - https://webrun.com/
Overseas Staffing - https://supportshepherd.com/
Debt and Equity - https://bluekeycapital.com/
Tax Credit - https://taxcredithunter.com/
Cost Segregation - https://recostseg.com/
Performance Marketing - https://adrhino.com/
Pest control - https://spidexx.com/
That's all for now.
Thank you again for joining me on my Sweaty Startup journey.
Onward and upward!
-Nick
153 episodes
Manage episode 366486341 series 2951410
This episode is about bonus depreciation. It explains that certain assets, such as computers and fuel for cars, can be fully deducted in the year of purchase since their useful life is not more than one year. On the other hand, buildings have a longer useful life, typically 39 years for commercial properties and 27.5 years for residential properties, so their cost is deducted over time. However, there are components of buildings, like sidewalks and HVAC systems, that have shorter useful lives and can be depreciated faster. This is known as accelerated depreciation, and it allows for quicker deductions. The Tax Cuts and Jobs Act of 2017 introduced bonus depreciation, allowing 100% deduction of certain assets regardless of whether they were new or used. This change expanded the applicability of cost segregation studies, which identify and assign tax lives to individual components of a building, enabling taxpayers to benefit from significant deductions. If you think that your property or portfolio is eligible for a retroactive study, please visit https://www.recostseg.com to learn more.
Thanks for listening!
Like this episode?
I think you’ll love my newsletter. I write a long form essay on how to build wealth and succeed to 250K+ readers each week. Subscribe here: www.nickhuber.com/newsletter
Want to see all of my companies? Click here: www.nickhuber.com/portfolio
Want more of my content?
I’m @SweatyStartup everywhere:
Say hello on X: www.x.com/sweatystartup
LinkedIn: www.linkedin.com/in/sweatystartup
Instagram: www.instagram.com/sweatystartup
TikTok: www.tiktok.com/sweatystartup
Apple Podcasts: https://podcasts.apple.com/us/podcast/the-nick-huber-show/id1576120606
Spotify: https://open.spotify.com/show/7L5zQxijU81xq4SbVYNs81
Want my team and I to help sell your business? Click here: www.nickhuber.com/sell
Want to buy a business that my brokerage represents? Click here: www.nickhuber.com/buy
Are you an accredited investor and interested in learning more about potential deals? Fill out this form: www.nickhuber.com/invest
Want my free PDF on how to analyze a self-storage facility? Click here: https://sweatystartup.ck.page/79046c9b03
Want to hire me as a consultant? Click here: https://sweatystartup.com/storage
Here are the links to my businesses:
usiness Brokerage - https://nickhuber.com/
Personal Brand - https://sweatystartup.com/
Self Storage - https://boltstorage.com/
Bold SEO - https://boldseo.com/
Insurance - https://titanrisk.com/
Recruiting - https://recruitjet.com/
Landing Page / Web Development - https://webrun.com/
Overseas Staffing - https://supportshepherd.com/
Debt and Equity - https://bluekeycapital.com/
Tax Credit - https://taxcredithunter.com/
Cost Segregation - https://recostseg.com/
Performance Marketing - https://adrhino.com/
Pest control - https://spidexx.com/
That's all for now.
Thank you again for joining me on my Sweaty Startup journey.
Onward and upward!
-Nick
153 episodes
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