2024 Bonus Depreciation. Bonus depreciation is an accelerated form of depreciation — it allows you to deduct a fixed percentage (80% for 2023) of an asset’s cost upfront instead of spreading the deduction out over its useful life. This is down from 80% in 2023.

This means businesses will be able to write off 60% of the cost of eligible assets in the first year that. For 2023, businesses can take advantage of 80% bonus depreciation.