Truckers Report Jobs

Find Trucking Jobs

Company Driver Company Driver Dry Van Dry Van Flatbed Flatbed Refrigerated Refrigerated Specialized Specialized Owner Operator Owner Operator
More Trucking Job Searches ⌄ Fewer Trucking Job Searches
⌃

Bonus Depreciation

Discussion in 'Trucker Taxes and Truck Financing' started by 11akash, Dec 11, 2021.

  1. Dec 11, 2021 #2
    11akash

    11akash Bobtail Member

    12
    5
    Dec 11, 2021
    0
    How many people will be using the advantages of Bonus depreciation for their equipment this year and depreciating 100% upfront?

    What are your pros and cons ?
     
    11akash, Dec 11, 2021
    11akash, Dec 11, 2021
    #2
    Midwest Trucker and feldsforever Thank this.
  2. Jan 10, 2022 #3
    Lazer

    Lazer Road Train Member

    1,390
    2,170
    Jan 22, 2017
    0
    The pro is may reduce that amount of tax you for this year by more.
    The con is your tax amount may be higher is the later years.
    But be careful if you would have not much tax owed this year, the bonus depreciation or ‘accelerated depreciation’ I believe it was called decades ago, would not be advantageous.
     
    Lazer, Jan 10, 2022
    Lazer, Jan 10, 2022
    #3
  3. Feb 6, 2022 #4
    Keep on Taxin'

    Keep on Taxin' Bobtail Member

    9
    8
    Feb 5, 2022
    0
    Regular 3 years method of depreciation is better because it will lower your taxes for 3 years.
    If you deduct all in one year, next few years you might end up owning a lot of money to the IRS. Specially if the truck is brand new and you don't have any repairs....
     
    Keep on Taxin', Feb 6, 2022
    Keep on Taxin', Feb 6, 2022
    #4
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.