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Act Now for 2024 Tax Savings
October 30, 2024

The Section 179 tax provision allows businesses to deduct the full purchase price of qualifying equipment bought or financed during the tax year. The Section 179 deduction for 2024 is $1,220,000, which is an increase of $60,000 from 2023’s limit. In addition, the “total equipment purchase” limit has been raised to $3,050,000 (up from $2.89 million in 2023).

In addition, businesses can take advantage of 60% bonus depreciation on both new and used equipment for the entirety of 2024. Remember to keep supply chain issues and delivery times in mind when making your Section 179 purchases for 2024, as equipment must be purchased and put into service by midnight December 31st.

Act now for your chance to get the equipment you need and a big deduction on your 2024 taxes!

*Some restrictions and limitations apply. Talk to your accountant regarding eligibility for this deduction.

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FIND OUT MORE AT: WWW.SECTION179.ORG

 

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