Rising material costs, clogged supply chains, production backlogs, and workforce shortages are all making capital improvements or major equipment acquisitions costlier every day. For many professionals in CRE or construction, upgrading a property or making major purchases this year may seem like an unwise investment. But contrary to that belief, 2022 may be the best time to move forward with these expenses.
In an article for the Baltimore Business Journal*, Ellin & Tucker Principal Dan Thrailkill shares that many of these major expenses qualify for a special bonus depreciation. Available for building updates, and all new, and most used, equipment purchases, taxpayers can write off the entire cost of asset(s) or improvements in the first year. But if they wait until after 2022, those tax benefits disappear- along with the savings.
Read all of Dan’s expert insights into the topic and ensure you don’t miss out on this vital, and soon-to-be ending, tax opportunity by visiting the Baltimore Business Journal’s website. Subscription may be required.