Section 179 And Bonus Depreciation 2024. With section 179, you can deduct a certain dollar amount from your qualifying equipment acquisitions (purchased, financed, or leased) in 2024. Under the 2024 version of section 179, businesses cannot deduct more than $1,220,000 in assets.

Businesses can leverage both bonus depreciation and section 179 in the same tax year to maximize their tax savings. While bonus depreciation and section 179 are both immediate expense deductions, bonus depreciation allows taxpayers to deduct a percentage of an asset’s cost upfront.

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Bonus Depreciation vs. Section 179 What's the Difference? (2024), For 2024, the maximum section 179 deduction is $1,220,000 ($1,160,000 for 2023).

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