Are you collecting your maximum tax breaks from the massive economic stimulus law passed earlier this year?
The IRS has issued a fact sheet touting the tax perks available to small business owners under the new American Recovery and Reinvestment Act of 2009. (IRS FS-2009-11)
Here are eight key provisions:
1. Bonus depreciation. The new law extends the specialthat was available in 2008 to acquisitions of qualified new (not used) assets in 2009. This provision enables a business to deduct 50% of the cost of an asset in the year it is placed in service. The extension applies to qualifying assets placed in service in 2009 (2010 for property with a cost recovery period of 10 years or longer and certain transportation property).
2. Acceleration of business credits. Corporations that acquire eligible business property are granted an extra year to accelerate certain tax credits in lieu of claiming bonus ...(register to read more)