Recent tax law changes allow small businesses to expense more of the cost of certain business property immediately. Businesses can write off most depreciable assets in the year placed into service.
Changes include expensing all or part of Section 179 property and deducting it in the year it’s placed in service as well as the 100 percent depreciation deduction for business property acquired after Sept. 27, 2017, and placed in service before Jan. 1, 2023.