The IRS has issued final regulations in September to finalize the proposed regulations issued in August 2018, which implement several provisions included in the Tax Cuts and Jobs Act (TCJA). The proposed regulations contain new provisions not addressed previously.
Depreciation of tangible property — buildings, machinery, vehicles, furniture and equipment, even cell phones — as well as intangible property, such as patents, copyrights and computer software, in some situations, is allowed by the IRS and can be used to offset income from your business.
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