Bonus Depreciation 2024 Equipment Tax. This special deduction allows businesses for the 2024 tax year to write off up to $1,220,000 of the cost of depreciable assets if they are purchased and placed in. Section 179 allows businesses to deduct the full purchase price of qualifying equipment and software purchased or financed during the tax year, up to a certain limit.

Both deductions offer tax advantages and. Tax code for this purpose are section 179 and bonus depreciation.