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Michelle Wang

2023 Bonus Depreciation

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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?? 

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    Hi Michelle,

    Check the version of Sage Fixed Assets you have. Is it 2021.1 or newer?

    In version 2021.1, released January 2021, first-year bonus rates (168 Allowance %) of 80%, 60%, and 40% were implemented for property placed in service in 2023, 2024, and 2025, respectively. 

    Many enhancements and productively improvements have been added over the years also. The current version is 2024.0, released August 31, 2023, which includes the 2023 Form 4562, based on the IRS draft form for 2023.

    You can read release notes from 2024.0 back to version 2016.1 here >> Sage Fixed Assets documents & release notes 

    Need assistance to get the current version? Contact your account manager at: 1-800-368-2405. 

    Let us know if you have any other questions. We are happy to help!

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