2023 Annual Update Changes
 

1. The Following Limits Have Been Updated:
     a. Section 179 amounts have been updated to amounts for 2023: $1,160,000 deduction limit and $2,890,000 total dollar investment limit..
     b. Bonus Depreciation has been updated - 2018 to 2023 - 100%, 2023 - 80%, 2024 - 60%, 2025 - 40%, 2026 - 20%.
     c. Luxury Auto Limitations have been updated for 2023 -  Year 1 - $20,200 (includes bonus of $8,000), Year 2 - $19,500, Year 3 - $11,700, Year 4 - $6,960.

2. Federal Form 4562 – The 2023 version of Internal Revenue Service Form 4562 (Depreciation and Amortization) has been included with this update.

3. State Form 4562 – The 2032 state report is printed on the Federal Form 4562 using state depreciation amounts. "STATE COPY" is printed at the top of the form.

4. Federal Form 4797 – The 2023 version of Internal Revenue Service Form 4797 (Sales of Business Property).

5. SUV Section 179 Limit – Updated the Section 179 Limit for Sport Utility Vehicles (SUV) to $28,900.

6. New Section 179 Dispositions Report For S Corps & Partnerships – This report summarizes those assets that were sold during the current year for which Section 179 was claimed. There is a Federal and State version of this new report.

7. New Tutorial Videos – How to add a new company; How to add new assets; How to do a Year-End Update procedure

8. Business Property Worksheet – The Business Property Tax Worksheet has been updated to include the 2023 year.

9. Bug fixes and other performance enhancements.