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Section 179 Tax Calculator

We Can Help You Understand The Updates for Section 179

Section 179 Deduction for 2024 increases to $1,220,000. Businesses purchasing, financing, or leasing (Capital or $1.00 type leases) new and used equipment in 2024 can elect to expense up to $1,220,000 under IRS Section 179. The Section 179 rules are designed for small companies, so the write-off is reduced dollar-for-dollar as total equipment purchases for the year exceed $3,050,000.

80% Bonus Depreciation  in 2024. The Bonus Depreciation deduction has decreased to 60%. Businesses of all sizes can depreciate 60% of the cost of new and used acquired equipment good through 2024.  This will decrease by 20% each year until it expires at the end of 2026. Unlike Section 179 there is no cap on the amount that can be depreciated under this provision.

Please consult your CPA or Tax Accountant for further details.