Year-end tax planning – Depreciation deductions remain viable

Description

Abstract: Like so many aspects of 2020, year-end tax planning will be different this year. Contractors should review tax-related legislation passed in response to the COVID-19 crisis, but some tried-and-true strategies remain viable. This article discusses Section 179 expensing, “bonus” depreciation and cost segregation studies. A sidebar reminds readers to manage cash flow independently of tax deductions.