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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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‎January 17, 2022
7:06 AM