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- In 2022, the maximum Section 179 expense deduction is $1.08M, and if you purchase $2.7M of assets in a year, this max deduction will start to phase out. In contrast, there is no deduction limitation or spending cap for bonus depreciation. - Source: Internet
- Section 179 isn’t a one-size-fits-all strategy, but it can be employed in many circumstances. In particular, businesses that lease heavy luxury vehicles will benefit. A few luxury vehicles that qualify for the enhanced $27,000 first-year deduction under Section 179 are the Mercedes G Wagon, the BMW X6, the Cadillac Escalade and the Lexus GX460, although there are many more Section 179 vehicles to choose from. - Source: Internet
- You can apply Section 179 depreciation to individual assets. In contrast, you must take bonus depreciation uniformly across asset classes. For example, if you want to apply bonus depreciation to your vehicles, you must also apply bonus depreciation to all other assets with 5-year MACRS tax lives. - Source: Internet
- Over the past two decades, bonus depreciation has expired and has been brought back many times, making it a difficult tool to use for long-term tax planning. Section 179 will always be an option to you. 100% bonus depreciation is only available through 2022; in 2023 it begins to phase out and will be gone completely by 2027. - Source: Internet
- You can take Section 179 in the year you place an asset in service, whether it’s new or used. The asset must simply be new to you. This is different from using bonus depreciation – you can only take bonus depreciation on vehicles when they are new. - Source: Internet
- Yes, you can, but Section 179 will be applied first. When bonus depreciation is at 100%, this isn’t as useful of a strategy, but when bonus depreciation is less than 100%, combining the two recovery methods can be a great way to finesse your taxable income. You can use Section 179 to fully recover the cost of individual assets, and then you can apply bonus depreciation to the remaining assets. - Source: Internet
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