Businesses can deduct up to $250,000 of new equipment in 2008
If you are one of the few businesses this year that has some extra cash and has been eying that new piece of equipment for months, now may be the time to pull the trigger. The IRS is allowing a $250,000 deduction if you buy a new piece of equipment before 12/31/2008. The limit goes down to $133,000 in 2009.
Normally a business has to depreciate equipment over a 5 to 7 year period. This special deduction allows you to write off the whole shebang in year one.
Normally a business has to depreciate equipment over a 5 to 7 year period. This special deduction allows you to write off the whole shebang in year one.
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