Vanessa A
Expert Alumni

Business & farm

If you take the 100% deduction this year, it will lower your net profit. If you had a profitable year, this would help reduce your taxes this year. 

 

If you don't take the 100%, then you would take a portion of the cost of the shed and deduct it every year until it was fully depreciated. This will give you a smaller tax break for more years instead of a larger one this year. 

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