What Is Bonus Depreciation 2024 Tax Return. You can deduct the $300,000 on your corporation’s 2024 federal income tax return. It allows you to deduct 60% of the cost of an asset purchased in 2024, as opposed to depreciating its cost over the useful life.
This lowers a company’s tax liability because it. For 2023, businesses can take advantage of 80% bonus depreciation.