I can't help with the Ohio tax stuff. All I can tell you is that the program generally handles things just fine. One thing though... when doing multiple state returns always *always" complete the resident state tax return *LAST*.
My question is this: is bonus depreciation taken AFTER you figure regular depreciation
No. You either take normal depreciation *or* the bonus depreciation (called Special Depreciation Allowance). But not both. Additionally, you can only take the bonus depreciation in the tax year the asset is actually placed in service.
Additionally, the bonus depreciation is only beneficial if you actually have the taxable income to claim it against in that first year you place the asset in service. Otherwise, the excess loss just gets carried over anyway.
Another thing to consider and keep in mind, is that when you sell or otherwise dispose of the asset, all of that depreciation has to be accounted for in the tax year of sale or other disposition. So it's perfectly possible that taking bonus depreciation now, will just result in your paying significantly more in taxes later, that you would if you just depreciated the asset over it's 5 year depreciation life span.
