The new tax law raises many questions, especially during the present tax season. Our own partners Greg Newman and Ryan Masterson joined the Lifestyles segment on WEHT on Friday to answer some questions about the new law.
The sales tax deduction can be valuable if you reside in a state with no or low income tax or purchased a major item, such as a car or boat. Can it reduce your 2017 tax bill? Maybe. 2018 savings is more uncertain.
Bonus depreciation allows businesses to deduct more of an asset’s cost in the year the asset is placed in service. The new tax law’s enhanced bonus depreciation provision may save tax on your 2017 return.