10/24/2024
The IRS Section 179 deduction permits business owners to fully deduct the cost of qualifying new and used machinery, furniture, vehicles, and certain improvement property, up to a limit of $1,220,000 for the year 2024. Any property purchased beyond this limit qualifies for standard depreciation.
You can learn more about Section 179 on IRS.gov or a great article here:https://fitsmallbusiness.com/section-179-deduction/ #:~:text=Key%20Takeaways%3A%201%20The%20Section%20179%20deduction%20is,the%20year%20that%20exceeds%20%243%2C050%2C000%20%28%242%2C890%2C000%20for%202023%29.