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Will one-year business breaks be extended?

by on
in Small Business Tax,Small Business Tax Deduction Strategies

As things stand now, the “bonus depreciation” deduction and doubled Section 179 deduction included in last year’s economic stimulus law last for just one year.

For example, your business may claim 50% bonus depreciation for qualified assets only if the assets were placed in service in 2008. (Exceptions exist for certain property costing more than $1 million and transportation property.)

But Congress might agree to extend the deadline longer. We’ll watch new developments closely and report any changes as soon as possible.

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