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Form IL 4562, Special Depreciation

Form IL 4562, Special Depreciation

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Instructions and help about what is a special depreciation allowance

in the first video in this series we looked at how businesses recover the cost of their long-lived assets by depreciating them over time if you haven't seen that video you might want to check it out right now before you watch this one but over the last several years Congress has tried to encourage business investment by allowing businesses to claim as an expense the entire cost of Assets in the years they purchased them giving them an immediate tax break for doing so in this video we're going to look at two of those tax breaks and see how they work I'm the tax geek and here are special depreciation in the de minimis election oversimplified foreign [Music] at this point you might be asking but tax geek didn't you say this in a recent video so if you purchase an asset for your business with a useful life of five years and deducted the cost of it from your income as an expense in the year it was purchased your business's net income would be substant

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