Businesses must act fast if they plan to take the valuable Sec. 179 expense deduction this year. In 2024, you can expense up to $1.22 million in qualified assets. The deduction begins to phase out when 2024 qualified asset additions exceed $3.05 million. (In 2025, these limits rise to $1.25 million and $3.13 million, respectively.) But it’s not enough to purchase assets in 2024. To qualify for the deduction, assets must be placed in service before year end. Also, a Sec. 179 deduction cannot create a loss. Therefore, it’s limited to your total taxable business income. The good news is that you may be able to carry forward disallowed amounts. Depreciation can be complex, but we can help. Contact us with any questions. © 2024