does hurrican ida provide additional time to elect out of bonus depreciation?
have a new york client.
he made 10k on sch c in 2020
haven't filed yet
was looking at taking 179 for his 40k in assets purchased
and using the carryover to defray his sch c in 2021 which will be net 130k in profits
Problem - he has like 15k in wages...and so that i believe those wages make me take more 179 that i don't even need
since in such a low bracket
Question: maybe i want to elect out of bonus depreciation since my 179 plan is not working - seems like my best option
If i don't file by 10-15 (he's in NYC - Hurricane Ida gives him addl time to file)
Will i be ok electing out of bonus depreciation if i file after 10-15 even though hurrican ida provides addl time?