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California Depreciation
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Joel V
Level 3
04-03-2024
08:59 AM
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My client is an S Corp. They had $38,750 of fixed asset purchases in 2023. On the asset entry worksheets I took the section 179 deduction for both assets. California says that the the 179 deduction is above the limit for their state based on the entity's taxable income. How do I adjust in the system? I can't seem to figure it out. I still want to maximize the deductions for the state using bonus and 179. I've checked the box indicating both assets are qualified economic property.
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