The 2008 Economic Stimulus Package has been the talk of the town for many months. Taxpayers have been eagerly waiting the $600 (or more) checks to come from the federal government. Many people have already decided how to spend the money or if they are going to save it. Sadly, most small businesses did not know that there was something in it for them as well.
There has been some very important, little publicized, benefit information that was built into the Stimulus Package especially for small businesses. A portion of the goal of the Stimulus Package was to encourage small businesses toinvest and expand. The Small Business Administration has created on online tax-savings resource center at www.sba.gov/stimulus so that business operators can take full advantage of the benefits that they are entitled to.
You will find a fact sheet, a depreciation calculator and on online seminar on the SBA’s website. It is easy to navigate through and provides very resourceful information.
The incentives, contained in the economic stimulus package that were signed into law earlier this year, include a 50 percent “bonus” depreciation allowance on equipment purchased and placed into service this year.
Businesses are encouraged to contact their tax advisor to see how this program will benefit their company.
Exceptions and additional requirements do apply. The new legislation is intended to help small businesses and boost
the entire nation in the process.
