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Move quickly to collect big depreciation write-offs

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

The enhanced Sec. 179 deduction is a tax bonanza for small business owners. You can write off up to $250,000 of new business assets placed in service in tax years beginning in 2009. But remember: The Sec. 179 deduction is limited to the amount of annual taxable income from the business. Strategy: Buy new assets soon and place them in service before Oct. 1. Here's why.

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