Updated: May 3, 2019 October 9, 2018 Tax reform legislation includes changes that affect a business’ bottom line. One of these changes allows businesses to write off most depreciable business assets in the year they place them in service. Here are some facts about this deduction: The 100-percent depreciation deduction generally applies to depreciable business assets and certain other property. Machinery, equipment, computers, appliances and furniture generally qualify. The deduction is retroactive for qualifying property acquired and placed in service after September 27, 2017. Taxpayers who elect out of the 100-percent depreciation deduction must do so on a timely filed return. For more information see Form 4562 or visit IRS.gov.