2008 Economic Stimulus Act Provides Tax Benefits to Businesses

The IRS passed legislation in 2008 which allows for businesses to claim higher expenses than in previous years. From the IRS web site:

Under the new law, a qualifying business can expense up to $250,000 of section 179 property purchased by the taxpayer in a tax year beginning in 2008. Absent this legislation, the 2008 expensing limit for section 179 property would have been $128,000. The $250,000 amount provided under the new law is reduced if the cost of all section 179 property placed in service by the taxpayer during the tax year exceeds $800,000.

We encourage all buisnesses to evaluate this information for their own needs. This a great opporutnity to expense any end of the year IT projects in 2008!