Section 179 Bonus Depreciation 2024. The section 179 deduction and bonus depreciation provide additional deductions to income in year a vehicle is placed in service thereby reducing a company's tax liability. Section 179 deductions allow companies to write off up to $30,500 of the purchase price of a qualifying vehicle used for business purposes.
Through the 2022 tax year, people could use bonus depreciation to write off eligible assets right away. Section 179 deductions allow companies to write off up to $30,500 of the purchase price of a qualifying vehicle used for business purposes.