While the basic concept for both methods is similar, there are differences between the two methods. The good news is that you can take advantage of both (or one or neither) if you so desire.
The benefits are that you get a huge write off this year. However, is that the best time for your business unless this is not a new business but rather new equipment.
As a business, you need to consider the fact that by electing to take accelerated depreciation, you are in essence relieving your current tax burden by giving up future deprecation in exchange.
Section 179 vs Bonus Depreciation is a must read for you.
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