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Bonus Depreciation vs. Section 179 - Which is better for YOUR business?

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  • เผยแพร่เมื่อ 30 ก.ย. 2019
  • In this video, Alexander Efros, MBA, EA, CPA, CFP® from Efros Financial explains the differences between Bonus Depreciation and the Section 179 deduction allowance.
    What is the Section 179 Deduction and How Does It Work? - Part 1 of 2: • What is the Section 17...
    What is the Section 179 Deduction and How Does It Work? - Part 2 of 2: • What is the Section 17...
    Visit Efros Financial online -- we're here to help! www.efrosfinan...
    Questions? Please feel free to reach out at (323) 531-3500 or info@efrosfinancial.com.

ความคิดเห็น • 55

  • @MurrayEstes
    @MurrayEstes 3 ปีที่แล้ว +4

    I tip my hat to this guy! I would never take the time to post this for free!
    Excellent Video!
    Surfing CPA in Hawaii and California

  • @toddlempe1454
    @toddlempe1454 3 ปีที่แล้ว +3

    Oscar award for a youtube video = the most condensed info per topic. Genius. Great communicator.

  • @Rintin820
    @Rintin820 2 ปีที่แล้ว +3

    this video is beautiful. I'm doing intermediate accounting class and i dont know wtf they were talking about. Thank you for taking the time to upload this.

  • @xenstanhope6014
    @xenstanhope6014 4 ปีที่แล้ว +4

    This is another excellent video from Alex.

  • @kindman35
    @kindman35 2 ปีที่แล้ว

    Best communicator ever!

  • @sharkktongue
    @sharkktongue ปีที่แล้ว +2

    Thanks for this simple video explanation of the very confusing depreciation. I actually run when I hear the D word.
    It’s funny how you turned your blooper into a rap session. We’ll probably see you work with JayZ or Kanye someday 😊

    • @EfrosFinancial
      @EfrosFinancial  ปีที่แล้ว

      Thank you for watching and for your kind words, sharkktongue! Haha, can't wait to collaborate with the rap greats on the next big tax rap track! :D

  • @RadhikaMeera
    @RadhikaMeera 8 หลายเดือนก่อน +1

    Great video

    • @EfrosFinancial
      @EfrosFinancial  8 หลายเดือนก่อน

      Thanks for watching and for your kind words! Be sure to subscribe for more videos! :D

  • @dieule507
    @dieule507 3 ปีที่แล้ว +1

    Thank you Alex. You're very easy to understand.

    • @EfrosFinancial
      @EfrosFinancial  3 ปีที่แล้ว

      Hello there, Dieu! Thank you for watching and for your feedback! :D

  • @anchoryachtrentals1699
    @anchoryachtrentals1699 2 ปีที่แล้ว +1

    Is there a cap for Bonus Depreciation? Section 179 is capped at $1.08M in 2022... is there a cap for Section 168???

  • @anchoryachtrentals1699
    @anchoryachtrentals1699 2 ปีที่แล้ว +1

    Also, has the deduction schedule (Section 168) been updated since this video? We are now in 2022 and it say 100%... has that been extended, modified, or changed in any way?

  • @tomwehr6022
    @tomwehr6022 ปีที่แล้ว

    I wish there were videos like this out there for Ultratax and not just Lacerte!

  • @rveerman1800
    @rveerman1800 4 ปีที่แล้ว +1

    Very detailed and presented very well !!

  • @TroiOi78
    @TroiOi78 2 ปีที่แล้ว +1

    Does bonus and 179 only apply to new equipments?

  • @anesiasmith7306
    @anesiasmith7306 4 ปีที่แล้ว +1

    Excellent Breakdown!! Thank you

    • @EfrosFinancial
      @EfrosFinancial  4 ปีที่แล้ว

      You're welcome! Thanks for checking out the video! :D

  • @annakarstens
    @annakarstens 10 หลายเดือนก่อน +1

    great video! would love to work with you next year.

    • @EfrosFinancial
      @EfrosFinancial  9 หลายเดือนก่อน

      Thank you for your comment. Please feel free to schedule a free 15-minute phone consultation here: calendly.com/efrosfinancial/free-15-minute-phone-consultation?month=2023-10. You may learn more about our bookkeeping/tax services here: www.efrosfinancial.com/bookkeeping2/.

  • @Nicki21984
    @Nicki21984 ปีที่แล้ว +1

    Great video !

    • @EfrosFinancial
      @EfrosFinancial  ปีที่แล้ว

      Thanks for watching and for your feedback! :D

  • @realityblooms
    @realityblooms 3 ปีที่แล้ว

    Great high level course!

  • @metalrooves3651
    @metalrooves3651 7 หลายเดือนก่อน

    l believe for a piece of heavy equipt,the simple way is simply 179 for me..l dont understand why i need to opt out of the bonus...my accountant isnt a CPA,l really wonder if he knows any of this !l do so much for him,categorizing everything,and letting him put it all together..SO L NEED to understand this somewhat...l make money ,never use any of this to show a loss to pay zero.

  • @funnellsites1557
    @funnellsites1557 2 ปีที่แล้ว

    Can you elect section 179 year one of a vehicle purchased for business use and then in year 2 and every year thereafter take the mileage deduction?

  • @MurrayEstes
    @MurrayEstes 3 ปีที่แล้ว

    Excellent Alex!

  • @avradeepdas2427
    @avradeepdas2427 2 ปีที่แล้ว +1

    Please share that excel

  • @frederickwhite2253
    @frederickwhite2253 3 ปีที่แล้ว

    So if a state does not allow the full Sec 179 amount, would you be best to defer the remainder as standard MACRS depreciation?

  • @strategicservices9906
    @strategicservices9906 2 ปีที่แล้ว

    Great Video; I have a question How many years is a furnace depreciated for? Thank you

  • @makhijacpallc7571
    @makhijacpallc7571 4 ปีที่แล้ว +1

    Great Video

  • @elijahfoster2
    @elijahfoster2 3 ปีที่แล้ว +1

    Very helpful, very easy to understand! Thanks.

    • @EfrosFinancial
      @EfrosFinancial  3 ปีที่แล้ว

      Thank you for watching and for your kind words, Elijah! :D

  • @stevefowler858
    @stevefowler858 4 ปีที่แล้ว

    Efros hope you can help and many others. Say a company purchased a $37.5k truck +6000# for 100% business use and took the section 179 allowed for the $25k deduction in year 1 (2016). Had low revenue in 2017 and wanted to defer appreciation of 2017 with 2018. Have no idea how to calculate year 2 (2017) and 3 (2018) depreciation to fill out form 4562 for 2018.

  • @chefjosesoto
    @chefjosesoto ปีที่แล้ว

    I have been paying taxes out my pocket for my c corp to maintain it for the future use and to gather money to get my business...I have no credit no money at all but still paying my taxes for my c corp how do I get House and Car? Is this possible to do with a someone in my position? Help please 🙏

  • @thuanicabeelady7229
    @thuanicabeelady7229 2 ปีที่แล้ว +1

    Hi Alex! May I ask what tax program are you using? Really I don’t want to rely on QB online.

    • @EfrosFinancial
      @EfrosFinancial  2 ปีที่แล้ว

      Hello there,
      The tax software that I am currently using is called Lacerte -- it is a software package for tax professionals.

  • @jacobpirtz2329
    @jacobpirtz2329 4 ปีที่แล้ว

    machinery imported from china applies for section 179?

  • @chelseypeng3731
    @chelseypeng3731 4 ปีที่แล้ว +1

    Very helpful video. Can you also provide the spreadsheet you showed in the video? Thank you!

    • @EfrosFinancial
      @EfrosFinancial  4 ปีที่แล้ว +4

      Thank you for watching the video and for your feedback! Per your request, the spreadsheet shown in the video may be downloaded by using the following link:
      mega.nz/#!IIAgCCCb!EG_bVUX0tLTy0zPdaDS5v6EmcFunTcot3hh4R1po6Fc
      Please feel free to reach out with any questions! :)

  • @OneGeniusBlog
    @OneGeniusBlog 3 ปีที่แล้ว

    This is helpful in terms of "understanding that you don't understand is already leading to understanding". I would need to have more material with adition of more time dedicated into a subject to actually fully dive in and feel confident. But it's good start, thank you, maybe afyer third time watching with a mix of other resorces picture will get come colors and formes, for now it's abstract to me we a strong feel it's a picture, just takes some time looking at it in order to understand whats on it and how to apply.

  • @MooreCashFlow
    @MooreCashFlow 4 ปีที่แล้ว +1

    What about the Mountains? lol great video!

  • @ochicoloto3524
    @ochicoloto3524 ปีที่แล้ว

    nice, but we can't see your excel sheet because of your video. show one at a time

  • @roxielizabeth8962
    @roxielizabeth8962 ปีที่แล้ว +1

    WTH. I was so excited about bonus depreciation and then I saw I lived in CA and that is where I plan to buy my investment property :( DOes this mean I cant do bonus at all ??

    • @EfrosFinancial
      @EfrosFinancial  ปีที่แล้ว +1

      The state of CA doesn't allow bonus depreciation! Just one of the many ways CA is not particularly business-friendly. :-/

    • @roxielizabeth8962
      @roxielizabeth8962 ปีที่แล้ว

      @@EfrosFinancial if I invested in a state that does, would I be able to take advantage of it ?

  • @mecbalde888
    @mecbalde888 2 ปีที่แล้ว

    Great video! I see that you're also using Lacerte. If I take the bonus depreciation and it created a loss, how is it going to be shown on the K-1 of an LLC member? On the following year, it is showing as a section 179 but it was actually a bonus depreciation. In Lacerte, I put it as a prior bonus depreciation and it is showing on the K-1 as section 179. Can you please explain briefly this part, how it is shown on the K-1 if in 2019 bonus depreciation created a net loss, then 2020 i want to take a bonus depreciation but this time it has enough income. For some reason, on K-1 it is showing as section 179. Also, what is the effect on the self-employment earnings? Thank you so much in advance.

  • @guljaukarbatkhan4872
    @guljaukarbatkhan4872 4 ปีที่แล้ว

    Great explanation! Is it possible to get the spreadsheets?

    • @EfrosFinancial
      @EfrosFinancial  4 ปีที่แล้ว +2

      Thank you for watching the video and for your feedback! Per your request, the spreadsheet shown in the video may be downloaded by using the following link:
      mega.nz/#!IIAgCCCb!EG_bVUX0tLTy0zPdaDS5v6EmcFunTcot3hh4R1po6Fc
      Please feel free to reach out with any questions! :)

    • @guljaukarbatkhan4872
      @guljaukarbatkhan4872 4 ปีที่แล้ว

      @@EfrosFinancial Thanks Alex!

  • @yesic2288
    @yesic2288 3 ปีที่แล้ว +1

    Can I purchase a car for my full time delivery food job and use 179? Im an independent contractor

    • @mosesnikko16
      @mosesnikko16 3 ปีที่แล้ว +1

      Sure you can as long the SUV is more than 6000 pounds.

  • @iamisraelvillafana
    @iamisraelvillafana 3 ปีที่แล้ว

    Too technical. Got nothing out of this.

  • @juiceisundecided6264
    @juiceisundecided6264 ปีที่แล้ว

    can you get you to help me with a 179/bonus depreciation consulting for my taxes? Can I call you?