How Much Is Bonus Depreciation In 2024au. To claim the bonus deduction for the small business energy incentive, see the instructions for completing your entities tax return. On the other hand, bonus depreciation, particularly under the current laws set to phase down starting in 2023 leading into 2024, allows for a percentage of the cost of qualifying business property to be deducted in the first year, without a spending cap.
So, your corporation can write off $420,000 in 2024 [$300,000 + (60% x $200,000) = $420,000]. 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.