2024 Bonus Depreciation Rate. Limits for 401 (k) plan contributions increased to $23,000 for 2024, with a limit of $30,500 for those age 50 and over. The bonus depreciation rate started its descent, decreasing by 20% annually.
Bonus depreciation is an accelerated business tax deduction used instead of allocating the cost evenly over the life of an asset in traditional depreciation. This gradual reduction brings a new set of challenges and opportunities for 2024 and beyond.