Bonus Depreciation & SALT: What WA Business Owners Need to Know
The new tax law signed on July 4 offers two big wins for businesses, but most owners in Federal Way, Tacoma, Bonney Lake, and South Hill aren’t sure what to do next.
100% Bonus Depreciation – You can now fully expense qualified business assets—like office equipment, machinery, or furniture—if purchased and placed in service after January 20, 2025. This applies through 2030 but must be tracked properly in your books to claim it.
Expanded SALT Deduction – The state and local tax deduction limit has increased to $40,000 for individuals, up from $10,000. In high-property-tax regions like ours, this could create real savings—if you’re structured to use it.
Washington doesn’t have state income tax, but your local property, excise, or business taxes still count toward SALT.
The key: these deductions depend on clean books and good planning. I help businesses in our area make sure their records, purchases, and tax tracking align with the new law—before it’s too late to act.
Book a free consultation at https://bit.ly/3GBaEeK. Visit https://jbookkeeping.biz for more details.
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