A new deduction created by the Tax Cuts and Jobs Act allows businesses to write off most depreciable business assets in the year they are placed in service. Individuals and calendar-year corporations must file the election by Oct. 15.
The new 100 percent deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. The deduction is retroactive and will affect many 2017 returns.