What Tax Reform Changed About Accelerated Depreciation Rules

What Tax Reform Changed About Accelerated Depreciation Rules
Photo Credit: Palm Sunday tornado on 28 March 1920 by Wilmette Library History is licensed under Flickr CC BY 2.0
Tax reform is little more than a memory and yet the effects will last for years to come.  Now, taxpayers must understand the changes and plan their financial lives, whether personal or professional, accordingly.  Businesses will follow suit as well.

Many benefited from changes seen under the law and received lower tax bills, assuming tax situations mirrored the previous year.

Corporations, arguably the largest beneficiaries of the law, enjoyed numerous benefits.  The primary ones being the substantial drop in the corporate income tax rate from 35% to 21%, new treatment of qualified business income, and beneficial changes to accelerated depreciation.

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