2024 Section 179 Vehicle Deduction

2024 Section 179 Vehicle Deduction. Remember to verify the exact gvwr of the vehicle model. For vehicles under 6,000 pounds in the tax year 2023, section 179 allows for a maximum deduction of $12,200 and bonus depreciation allows for a maximum of $8,000, for a.

This limit is reduced by the amount by which. 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.