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Nolan Accounting Center
4262 South 108th Street
Greenfield, WI 53228
Phone: 414-425-5690
Fax: 414-425-2373
Website: www.nolanaccounting.com
February 2026
Deductions and Credits
Small businesses have unique characteristics and needs. Hence, the IRS has some tax provisions that are designed for or may be particularly beneficial to smaller companies. Let's take a look one in particular.
BONUS DEPRECIATION
Businesses must generally write off the costs of assets over their "useful life"— a set number of years based on the kind of asset. With bonus depreciation, businesses can immediately deduct those costs, subject to certain limits.Under the TCJA, 100% bonus depreciation was only allowed through 2022, subject to a phaseout that would allow a deduction for 80% of costs in 2023 and 60% in 2024.
Under OBBBA, the 100% bonus depreciation provision is made permanent.
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