Another year, another tax return due on April 15. But there’s nothing humdrum about the Form 1040 you’re about to file with Uncle Sam. Thanks mainly to the economic stimulus law passed last year—the American Recovery and Reinvestment Act—the ’09 return is chock-full of tax breaks for the well-informed. Here are 10 tax moves to wake up to this year.
1. Take double-barreled small biz write-offs
The new economic stimulus law preserves big depreciation deductions for small business owners who placed business assets into service in 2009.
Strategy: Have your purchases do double tax duty. Under the new law, you can combine an enhanced “expensing” deduction with “bonus” depreciation.
First, Section 179 of the tax code allows you to currently deduct (or expense) up to $250,000 of the cost of business assets placed in service last year. The maximum deduction was scheduled to be cut in half (with an inflation adjus...(register to read more)
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