Taxes
On Jan. 1, 2023, the percentage immediately deductible through bonus depreciation (a provision in the Tax Cuts and Jobs Act) went from 100% to 80%. It will continue dropping by 20% each year until it reaches zero.
A resolution introduced Tuesday would support the “preservation” of the rule and “oppose efforts to impose new taxes on family farms or small businesses.”
With Republicans now in control of the House, Rep. RandyFeenstra (R-Iowa) said he wants to introduce legislation shielding the stepped-up basis and like-kind exchanges.
Before you flip the calendar to 2023, cross a few important tax to-dos off your list, encourages Paul Neiffer, CPA and principal with CLA.