You probably are wondering if the rebate part of the new stimulus law is going to do much good for the economy. You won’t have any such question about the business side of the new stimulus law. It truly is stimulating.
The new stimulus law contains three big deals for business:
A 50 percent bonus depreciation
Section 179 expensing of up to $250,000
An increase in first-year luxury car depreciation from $2,960 to $10,960
In many cases, when you take advantage of this new stimulus, you will be discarding an old business asset. Remember, the discarding of an old asset has tax consequences. Knowing about them will help put tax dollars in your money coffers. See the related articles in this issue for an explanation of these tax consequences.
This article will help you realize the benefits of the new stimulus law. Keep in mind that the new law stimulates you for 2008 only. Therefore, if the stimulus gets your attention, you will need to get busy turning those stimulating thoughts into ... Log in to view full article.