Depreciation Deduction

For many business taxpayers, time is running out to elect out of new 100-percent depreciation deduction for 2017

For many business taxpayers, time is running out to elect out of new 100-percent depreciation deduction for 2017

The IRS reminds business taxpayers who placed qualifying property in service during 2017 but choose not to claim the new 100-percent depreciation deduction, that they have a limited time to file the required election with the IRS. In general, individuals and calendar-year corporations must file the election with the IRS by Oct. 15, 2018. The new 100-percent deduction allows businesses to write off most depreciable business assets in the year they are placed in service.