Bonus Depreciation For 2024 . In 2024, the bonus depreciation rate will drop to 60%, falling by 20% per year thereafter until it is completely phased. Bonus depreciation is an accelerated form of depreciation — it allows you to deduct a fixed percentage (80% for 2023) of an asset’s cost upfront instead of spreading the deduction out over its useful life.
For 2023, businesses can take advantage of 80% bonus depreciation. Bonus depreciation deduction for 2023 and 2024.
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