Refresher on First-Year Section 179 Depreciation Deductions
Internal Revenue Code Section 179 potentially allows significant first-year depreciation deductions when your business places qualifying assets into service. You generally want to maximize current year depreciation write-offs for newly acquired business assets. However, the Sec. 179 rules change annually due to inflation adjustments, and limitations may apply. You'll also need to factor available first-year bonus depreciation into your decisions. Here's what you need to know to maximize these tax breaks.