This cheat sheet explains:
- Temporary full expensing;
- Instant asset write offs; and
- Traditional depreciation measures.
Thanks to recent tax changes, small business owners use temporary full expensing measures to claim the full cost of new assets up front instead of depreciating their value over time.
However, as these measures are only temporary, you should still understand traditional depreciation methods.
This SmartCompany Plus cheat sheet explains the current method of writing off assets, and the standard practice.