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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.
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
Oscar award for a youtube video = the most condensed info per topic. Genius. Great communicator.
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.
This is another excellent video from Alex.
Best communicator ever!
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 😊
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
Great video
Thanks for watching and for your kind words! Be sure to subscribe for more videos! :D
Thank you Alex. You're very easy to understand.
Hello there, Dieu! Thank you for watching and for your feedback! :D
Is there a cap for Bonus Depreciation? Section 179 is capped at $1.08M in 2022... is there a cap for Section 168???
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?
I wish there were videos like this out there for Ultratax and not just Lacerte!
Very detailed and presented very well !!
Thank you for your feedback! :D
Does bonus and 179 only apply to new equipments?
Excellent Breakdown!! Thank you
You're welcome! Thanks for checking out the video! :D
great video! would love to work with you next year.
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/.
Great video !
Thanks for watching and for your feedback! :D
Great high level course!
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.
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?
Excellent Alex!
Please share that excel
So if a state does not allow the full Sec 179 amount, would you be best to defer the remainder as standard MACRS depreciation?
Great Video; I have a question How many years is a furnace depreciated for? Thank you
Great Video
Thanks!
Very helpful, very easy to understand! Thanks.
Thank you for watching and for your kind words, Elijah! :D
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.
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 🙏
Hi Alex! May I ask what tax program are you using? Really I don’t want to rely on QB online.
Hello there,
The tax software that I am currently using is called Lacerte -- it is a software package for tax professionals.
machinery imported from china applies for section 179?
Very helpful video. Can you also provide the spreadsheet you showed in the video? Thank you!
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! :)
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.
What about the Mountains? lol great video!
nice, but we can't see your excel sheet because of your video. show one at a time
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 ??
The state of CA doesn't allow bonus depreciation! Just one of the many ways CA is not particularly business-friendly. :-/
@@EfrosFinancial if I invested in a state that does, would I be able to take advantage of it ?
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.
Great explanation! Is it possible to get the spreadsheets?
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! :)
@@EfrosFinancial Thanks Alex!
Can I purchase a car for my full time delivery food job and use 179? Im an independent contractor
Sure you can as long the SUV is more than 6000 pounds.
Too technical. Got nothing out of this.
can you get you to help me with a 179/bonus depreciation consulting for my taxes? Can I call you?