photo credit: Josh Thompson
The new economic stimulus law signed by the president on Feb. 17–the American Recovery and Reinvestment Act of 2009–gives small business owners a second chance at a “one-time” tax-saving opportunity.
Business Management Daily recently did an article on some major tax breaks for small businesses to apply towards next year’s filing. Section 179 deduction allows for a bigger threshold on what a small business can claim for assets that were obtained during tax year. The new maximum amount has been increased from 2008 up to a large sum of $800,000 for 2009.
Another great tax deduction law is the Bonus Depreciation which allows for a 50% depreciation write off for assets put into effect during 2009. However, this law does have some limitations on the assets that qualify for the depreciation write off.
Do you plan on using the new tax breaks for your small business?