The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. Here are the numbers that small business owners need to know.

Section 179 deductions
Deduction for heavy SUVs and advantages for heavy vehicles
First-year bonus depreciation has been cut
Passenger auto limitations

Consult with your CDS experts at (888) 388-1040 for the maximum depreciation tax breaks in your situation or for any questions you may have.