2024 Bonus Depreciation Amount Formula

2024 Bonus Depreciation Amount Formula. You can deduct the $300,000 on your corporation’s 2024 federal income tax return. For 2023, businesses can take advantage of 80% bonus depreciation.

This means businesses will be able to write off 60% of the cost of eligible assets in the first year that the assets are placed into service. Your use of either the general depreciation system (gds) or the alternative depreciation system (ads) to depreciate property under macrs determines what depreciation.