News Alert: The 2024 Section 179 Deduction Limit for Businesses has grown to 1,160,000.
April 17, 2024–
The Section 179 deduction for 2024 is $1,220,000 (up from $ 1,160,000 in 2023). This means U.S. companies can deduct the full price of qualified equipment purchases, up to $1,220,000 with a “total equipment purchase” limit of over $3 million. The deduction includes both new and used qualified equipment.
In addition, businesses can take advantage of 100% 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.
Please see the fully updated 2024 Section 179 Calculator to see how the Section 179 tax deduction can benefit your company in 2023.
Contact your accountant or tax professional so that you don’t have to wait to get the new or upgraded commercial vehicle for your business needs. Learn more…
Because tax laws change and vary, see your tax advisor on all tax matters to determine how you would be affected. Isuzu Finance of America is not a tax advisor or financial planning consultant and does not offer tax advice or financial planning.
