Filed Under: [ Business ] [ Blogante Business ]
Knowledge is Power!
The Economic Stimulus Act of 2008 contains two provisions that provide tax benefits for businesses. The first provision increases the limit up to which a business can expense property purchased and placed in service during its 2008 tax year. The second provision provides an additional 50 percent special depreciation allowance for property acquired and placed in service during calendar year 2008.
Unlike the economic stimulus payments that millions of individuals have already received, the tax benefits for businesses are not automatic; businesses must act to take advantage of the new provisions by purchasing qualifying property.
There is a new fact sheet available on IRS.gov regarding the business provisions of the Economic Stimulus Act. I would encourage you to share this information with the members of your organization by publishing it in your newsletter, sending it out to your list-serve, or posting it on your website.
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