Businesses should know the tax rules for deducting depreciation on certain property. This deduction can benefit eligible business taxpayers. The Tax Cuts and Jobs Act made changes to the rules around depreciation that will affect many businesses.

First off, businesses should remember they can generally depreciate tangible property, except land. Tangible property includes:

• Buildings
• Machinery
• Vehicles
• Furniture
• Equipment

Here are some of the changes to business depreciation under tax reform:

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