Bonus Depreciation 2024 And 2024. Bonus depreciation comes into play after the section 179 deduction limit is reached. This lowers a company’s tax liability because it reduces its taxable.

It allows you to deduct 60% of the cost of an asset purchased in 2024, as opposed to depreciating its cost over the useful life. For vehicles under 6,000 pounds in the tax year 2023, section.