In this case, the entire amount you deduct will hit your income statement as an expense. The maximum deduction changes periodically, but for 2019, it is $1,020,000.

For example, you can use straight-line depreciation to show the value of your assets in your income statement while claiming accelerated depreciation on your tax return to lower your tax bill.

Beginning after Sept. 27, 2017 , a business may be eligible to utilize “bonus depreciation” to depreciate 100% of qualifying assets, new or used, in the year purchased.