Your company may benefit from a special “bonus depreciation” deduction if it acquires business property this year. The bonus
What’s more, you may be able to combine bonus depreciation with the . Plus, you can still claim the regular depreciation deductions for the remainder of the cost. However, the bonus depreciation deduction is scheduled to expire Dec. 31, 2009. election
Strategy: Pile on year-end purchases of new business assets. Note that bonus depreciation is extended through 2010 for certain long-lived assets and transportation equipment.
Although first-year deductions for “luxury cars” are limited by other tax-law provisions, bonus depreciation provides a big boost. For a new luxury car placed in service in 2009, the limit is $10,960 (based on 100% business use). The usual first-year maximum is $2,960.
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