For small business owners, the economic stimulus package is a little sweeter than just scoring a $600 check. This week the Small Business Administration launched its online tax savings resource center, which gives entrepreneurs a look at the tax incentives offered by the stimulus package. The new page not only offers a clear look at the tax benefits, but a depreciation calculator and an online seminar.
Let's get to the important part, though. Here's what Uncle Sam's offering: a 50% bonus depreciation allowance on equipment purchased and used in 2008. The Man also increased the amount that a company can expense for equipment purchased and used during the 2008 tax year by nearly 100%. That amount is now $250,000, up from $128,000.
Like all government programs, there are all sorts of exceptions, rules, and requirements, so before you get too excited, check out the details on the SBA site or the IRS' business stimulus site.
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