Tax guy here. Depreciation is a Premium I Have Positive Mental Attitude I’m Positive I’m Mental And I Know I Have Attitude Shirt personal favorite of Trump (and most big businessmen). His tax reform included a provision allowing for a 100% bonus depreciation. Meaning that a business can essentially write off or expense 100% of the cost of an asset in the year of purchase rather than depreciate it over time. Which is the whole concept of depreciation to take the tax benefit over the useful life of the asset. There were already several mechanisms in the tax code for accelerating depreciation before Trump’s plan section 179 depreciation and limited bonus depreciation.
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It will get swept under the rug, Premium I Have Positive Mental Attitude I’m Positive I’m Mental And I Know I Have Attitude Shirts some scandal about Biden will take over the headlines, until. Trump gets reflected As designed. For those wondering what this actually means – to begin with, here is something I wrote about Trump’s tax situation a long, long time ago when there was a supposed leak showing some business losses. A year and a half or so later, we are finally seeing some information about his personal income tax return, a Form 1040, the same that you and I and virtually everyone else files on an annual basis. So what can we actually surmise from the information that has come to light today?
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