Section 179 can provide you with significant tax relief for the 2024 tax year, but equipment and software must be financed and in place by midnight December 31, 2024.
2024 SECTION 179 SAMPLE CALCULATION
Section 179 Deduction:
Deduction Maximum: $1,220,000
60% Bonus First Year Depreciation:
Phased reduction to 60% via 'Tax Cuts and Jobs Act'
Normal First Year Depreciation:
20% in each of 5yrs on remaining amount
Total First Year Deduction:
Cash Savings:
35% tax rate
Equipment Cost after Tax:
Assuming a 35% tax bracket