The federal stimulus package and your business
There as a lot of hoopla about how the Federal stimulus package would encourage spending by consumers, but it’s also designed to positively impact small businesses as well.
www.sba.gov/stimulus is a new site set up to help you understand just how.
Included at the site are:
- A fact sheet that provides a clear explanation of the small business tax benefits.
- A deprecation calculator that provides an estimate of the first-year depreciation available under the provisions.
- An online seminar that provides a brief tutorial summarizing the tax benefits and concludes with the depreciation calculator.
You might be surprised to learn that the stimulus package contains the following tax incentives for businesses: a 50% bonus depreciation allowance on equipment purchased and placed in service in calendar 2008 and an almost 100% increase in the amount (from $128,000 to $250,000) that a business can expense for equipment purchased and placed in the business tax year beginning in 2008.
Maybe you should buy that laptop after all?