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We've all heard about the impact of the Economic Stimulus Plan on individual taxpayers, but not as much information has been reported by the media regarding its effect on small business. To stimulate a sluggish economy, Congress has included in HR5140 a provision for nearly $50 billion dollars in business tax cuts. This temporary change to the tax code will allow American businesses to buy new equipment this year [link widoczny dla zalogowanych] with financial incentives designed to expand inventories and create new jobs while dramatically lowering their taxes.
What's In It for Me?
Understanding the business impact of HR5140 will allow [link widoczny dla zalogowanych] you to take full advantage of the benefits associated with it. How does the act affect your business? Last year IRS Section 179 allowed a business that spent less than $500,000 on qualified tangible property to deduct the total cost of those assets, up to $125,000. While this was an attractive incentive, the Economic Stimulus [link widoczny dla zalogowanych] Act of 2008 is even more attractive. You may now deduct up to $250,000 for equipment purchased in 2008. This means that a business placing less than $800,000 of equipment in service this year [link widoczny dla zalogowanych] would immediately be able to deduct up to $250,000 of its investment.
Section 179, But Better!
The expansion of Section 179 by the stimulus plan has effectively doubled the amount of the deductions allowed for new equipment. In addition, the Act generally permits a bonus [link widoczny dla zalogowanych] first-year depreciation deduction of 50% for [link widoczny dla zalogowanych] qualifying property acquired and put in service after December 31, 2007 and before January 1, 2009. This bonus is in addition to normal first-year depreciation. To reflect the new special depreciation allowance, the IRS is currently developing a new version of the depreciation and amortization form for fiscal year filers. The new form will be designated as the 2007 Form 4562-FY.
Equipment Financing and Leasing
If you have been considering adding equipment for your business, now is the time to act. Qualified equipment is defined in IRS Publication [link widoczny dla zalogowanych] 946 and includes such common and movable tangible property as copiers, fax machines, computers, printers, some vehicles, office [link widoczny dla zalogowanych] furniture, and even off-the-shelf computer software. If you've been thinking of expanding your fleet [link widoczny dla zalogowanych] of vehicles, for example, now is an excellent time to do [link widoczny dla zalogowanych] that. Or perhaps you need to upgrade your computers and your software. Equipment Finance [link widoczny dla zalogowanych] companies can provide the financing or leasing structure [link widoczny dla zalogowanych] you need so that you can quickly take advantage of the newly offered tax deductions and bonuses.
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