What Is Bonus Depreciation 2024. It allows a business to write off more of the cost of an asset in the year the company starts using it. Bonus depreciation has to be applied to all new assets that fall into the asset class life.

Bonus depreciation is a tax incentive that allows businesses to immediately deduct a significant portion of the purchase price of eligible assets. Bonus depreciation has to be applied to all new assets that fall into the asset class life.