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  • Bonus Depreciation

    In 2023, 80% of asset purchases can have their depreciation booked immediately (so instead of spreading it over the useful life…the cost of the asset is booked to A/D immediately). How do we accomplish going back and taking the bonus depreciation in Sage…

  • 2023 Bonus Depreciation

    According to the tax regulation, bonus depreciation now ramps down to 80%, starting in 2023. However, in the software, the input dropdown option is either 50%, or 100%. How to make the software calculate an 80% bonus depreciation on the fixed assets?…

  • Tax Depreciation for Autos With Bonus

    I have 3 questions related to this topic. Our company's tax advisor says that for luxury automobiles that have 100% Bonus (e.g. $18,000 for a car purchased in '18), they should have no more tax depreciation on them till year 7. The way Sage software…

  • How the CARES Act Changes QIP and Tax Returns

    Note: This article is not meant to offer tax advice, nor is it meant to be taken as such. Due to conditions caused by the coronavirus, updates to tax regulations and laws can occur at any time. As always, contact your tax advisor for specific information…

  • Passenger Vehicles: Actual Costs vs Standard Mileage

    Owning and using a vehicle in a business is very complicated when it comes to determining deductible expenses for tax purposes. It involves categorizing the vehicle in the right class (luxury auto, light truck and van, SUV or other); choosing the right…

  • Sage Fixed Assets: A Great 2019 with More Coming in 2020

    Every year the Sage Fixed Assets team strives to bring you features, enhancements, and updates in our products to improve your ability to bring value and efficiency to your organization. Partly driven by customer requests and partly by tax changes, 2019…

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