Shani Corabella

Section 179 Vehicle Deduction 2024. Let’s get one thing out of the way: This deduction is designed to encourage businesses to invest in their growth.

Section 179 offers a set dollar amount deduction ($30,500 in 2024), while bonus depreciation allows a percentage deduction on eligible assets. This limit is reduced by the amount by which the cost of section 179 property placed in service during the tax year exceeds $3,050,000.also, the maximum section 179 expense deduction for.