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SBA launches tax savings resource center for small biz
WASHINGTON (6/11/08)--The U.S. Small Business Administration has created an online tax savings resource center for small businesses so they can understand how they can benefit from the 2008 economic stimulus package. Earlier this year, President Bush signed the package into law. The package includes several tax incentives for businesses, including:
* A 50% bonus depreciation allowance on equipment purchased and placed in service in calendar 2008; and * A nearly 100% increase (to $250,000 from $128,000) in the amount a business can expense for equipment purchased and placed in the business tax year beginning in 2008.
The new resource center demonstrates benefits entrepreneurs can gain and includes three resources:
* Fact sheet, explaining the small business tax benefits; * Depreciation calculator, to provide an estimate of first-year depreciation available under the provisions; and * Online seminar, with a brief tutorial summarizing the tax benefits and concluding with the depreciation calculator.
However, because there are often exceptions, small businesses should contact their tax advisor for exact applications to their situation or visit the Internal Revenue Service website.
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