19
Apr
NEW YORK, April 19, 2023 (Newswire.com) - Credello: Small businesses face many challenges in today's economy, and tax changes can have a big impact on their bottom line. Here are five key tax changes to know for 2023. Bonus depreciation ends Many small business owners relied on using depreciation to help mitigate necessary equipment costs. But in 2023, the option for bonus depreciation - claiming 100% the year the equipment was purchased - is being phased out. For the next tax year, bonus depreciation will only be 80% and will continue dropping by 20% every year until it's gone. This…
