Section 179 Bonus Depreciation 2024 Form. When does bonus depreciation expire? However, as we edge closer to 2024, it’s essential to grasp how these provisions will evolve and how they differ from one another.

Section 179 offers more flexibility, allowing you to choose how much of the asset you want to deduct and when, while bonus depreciation is limited to a set percentage (80% in 2023 and 60% in 2024). Recording the depreciation expense of an asset using section 179 or bonus depreciation can make a huge difference in the taxes you pay.