What the IRS Allows This Year: Section 179 Limits  Section 179 limits determine how much business equipment your company can deduct immediately rather than depreciate over years. For 2024, the IRS set the deduction limit at $1,220,000, with a phase-out beginning at $3,050,000 in total equipment purchases — critical thresholds every business owner must know. […]

Smart Tax Planning Guide: When to Use Section 179 Instead of Bonus Depreciation It depends on your business income, asset type, and deduction flexibility needs on when to use Section 179 instead of bonus depreciation. Section 179 lets businesses deduct up to $1,220,000 in qualifying equipment costs in 2024, offering strategic control that bonus depreciation’s […]