What is the Section 179 Deduction?
News Alert: The 2023 Section 179
Deduction Limit for Businesses is $1,160,000
2024Â - The
Section 179 deduction for 2024 is $1,220,000 (this is up from $1,160,000 in
2023). This is a full $60,000 increase from last year. This means U.S.
companies can deduct the full purchase price of ALL qualified equipment
purchases, up to the limit of $1,220,000. In addition, the "total equipment
purchase" limit has been raised to $3,050,000 (up from $2.8 million in 2023).
The deduction can include both new and used qualified equipment.
In addition, businesses can take
advantage of 60% bonus depreciation on both new and used equipment for the
entirety of 2024. Remember to keep supply chain issues and delivery times in
mind when making your Section 179 purchases for 2024, as equipment must be
purchased and put into service by midnight 12/31.
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