June 10, 2008 — The U.S. Small Business Administration (SBA) has created an online tax savings resource center to help small businesses understand how they can benefit from the 2008 economic stimulus package.
The package includes a 50 percent bonus depreciation allowance on equipment purchased and placed in service in calendar 2008 and an almost 100 percent increase in the amount (from $128,000 to $250,000) that a business can expense for equipment purchased and placed in the business tax year beginning in 2008.
SBA’s new tax savings resource center demonstrates the benefits entrepreneurs can gain from the 2008 economic stimulus package. The center, located on www.sba.gov/stimulus, contains three resources on the package, including a fact sheet that provides a clear explanation of the small-business tax benefits, a depreciation calculator that provides an estimate of the first-year depreciation available under the provisions, and an online seminar.
These resources should help small businesses take advantage of the stimulus package. However, because there are exceptions and additional requirements, small businesses are encouraged to contact their tax advisor to determine exactly how the provisions and implementing tax code of the 2008 economic stimulus package apply to their business.
Source: U.S. Small Business Administration, www.sba.gov
