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Is More Relief Ahead for Small Biz?
With the economy in terrible shape, owners of small businesses could use a break. The tax code offers many to choose from, including some recent additions, and others may be on the way.
Businesses received a batch of concessions late last year, when several measures that expired in 2007 were extended to cover 2008, said Barbara Weltman, a lawyer and author of “J. K. Lasser’s Small Business Taxes.” These include a 20 percent credit on research expenditure and a provision that allows businesses that lease office or other space to recover the costs of improvements over 15 years instead of 39.
A separate break, introduced as part of the Economic Stimulus Act of 2008, was a doubling, to $250,000, of the amount of equipment and other purchases that businesses could write off immediately, instead of a bit at a time through depreciation formulas, she noted.
The figure may go even higher. J. D. Foster, a researcher in tax and entitlement policy at the Heritage Foundation in Washington, pointed to “a consensus in Congress to extend and expand small-business expensing.”
Photo by bobrusk.
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Jaclyn on February 12th, 2009 8:02 am
That is incredible news for small businesses. in today’s economy everyone in small business has been stressing from day to day about how to keep their heads afloat until hopefully they find relief one day and start increasing their revenue volume. it sound’s like slowly these businesses will finally start to get the relief they have been waiting for for so long now.
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