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Section 179 Tax Savings and Bonus Depreciation 2024

Great news for 2024! We have new and used machines in inventory that are ready to be put to work.

Thanks to an increase in the Section 179 deduction limit you can now reduce your taxable income even more in 2024! Purchase new or used equipment and place it into service by 12/31/24*

  • Section 179 does come with limits – there are caps to the total amount written off ($1,220,000 for 2024), and limits to the total amount of the equipment purchased ($3,050,000 in 2024).
  • To qualify for the Section 179 Deduction, the equipment purchased or financed must be placed into service between January 1, 2024 and December 31, 2024.

 

2024 Section 179 and bonus depreciation example calculation.

Use this calculator to estimate your total savings.

  Total 2024 equipment purchases   $1,300,000
  First year write off   $1,220,000
  60% Bonus first year depreciation   $     48,000
  Total first year deduction   $1,268,000
  Cash Savings   $   443,800
  Equipment cost after tax   $  856,200

*Consult your tax advisor for more details.

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