Business taxpayers face Oct. 15 deadline

October 4, 2018

A new 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. Individuals and calendar-year corporations must file the election by Oct. 15.

The new 100 percent deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. The deduction is retroactive and will affect many 2017 returns.

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