Taxhelpguy.com

October 15th Filing Extension Deadlines

Taxpayers who requested an extension to file their 2024 federal income tax returns should do so by next Wednesday, October 15, 2025. The same deadline applies to C corporations that received an extension to file their 2024 corporate returns (Form 1120).

In addition, taxpayers with foreign financial accounts exceeding $10,000 at any point in 2024 who are required to file a Report of Foreign Bank and Financial Accounts (FBAR) should also do so by the extension deadline of October 15.

OBBBA Reinstates 100% Bonus Depreciation for Many Capital Expenses

The recently enacted One Big Beautiful Bill Act (OBBBA) reinstated 100% bonus depreciation for many capital expenses, a policy that had previously expired at the end of 2022. Under this policy, businesses may deduct the entire cost of qualifying capital assets during the year that the assets are placed in service, instead of dividing that cost between multiple years.

Certain types of capital business property and investments will not qualify for 100% bonus depreciation. The IRS will provide further guidance on eligible expenses later this fall. Note also that 100% bonus depreciation will only apply to assets acquired and placed in service on or after January 20, 2025.

A business tax professional can help you determine which of your capital expenses qualify for 100% bonus depreciation, and help you devise the most advantageous depreciation strategies overall.