Section 179 Bonus Depreciation 2024. Bonus depreciation is only 80% in 2023 and will reduce by 20% each year until it disappears. Following that, we’ll explore the realm of bonus depreciation in 2024, highlighting how it complements or differs from section 179 in aiding businesses to depreciate assets.
Both bonus depreciation and section 179 allow taxpayers to take accelerated deductions on the upfront purchase price for the businesses’ fixed asset additions. 1 in 2024, bonus depreciation is 60% for equipment placed into service from january 1, 2024, through december 31, 2024.