The fastest way to depreciate your business’s fixed assets is by use of the Section 179 election. Section 179 property is tangible personal property used in the active conduct of your trade or business. By making the election, taxpayers can deduct 100% of the cost of property in the year it is placed in service, limited to $500,000 in 2016 and 2017, however congress may adjust this limitation for 2018 and beyond.