SIX Part Series: 2024 Last Minute Tax Tip #3: Utilizing Section 179

Eligible purchases for Section 179 and bonus depreciation include new and used personal property such as machinery, equipment, computers, desks, furniture, chairs, and certain qualifying vehicles.

With Section 179, you can likely deduct 100 % of the cost for these items.

Alternatively, choosing bonus depreciation allows for a 60 % deduction along with an additional 5 to 20 percent deduction under MACRS depreciation.

If you qualify for the Section 199A deduction, keep in mind that these increased expenses could reduce your eligible deduction amount.

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