Section 179 Bonus Depreciation 2024. It’s similar to how section 179 works, but it covers a wider range of expenses. Both bonus depreciation and the section 179 deduction are powerful tools for businesses to save on taxes by allowing them to write off part or all of the cost of eligible assets in the first year of service.
Generally, it’s beneficial to apply section 179 first, as it gives you more control over which expense assets. 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.
