Economic Stimulus Benefits For Small Biz
If you’re wondering how the economic stimulus package can help you grow and expand your business, check out SBA’s new tax savings resource center.
The website http://www.sba.gov/stimulus includes a fact sheet with a clear explanation of small business tax benefits gained from the package, in addition to a depreciation calculator and an online seminar.
The economic stimulus package includes the following tax incentives for businesses:
* A 50 percent bonus depreciation allowance on equipment purchased and placed in service in calendar 2008.
* An almost 100 percent increase in the amount that a business can expense for equipment purchased and placed in the business tax year beginning in 2008 (from $128,000 to $250,000).
“The stimulus package is designed to spur the economy by putting money back into the pockets of American workers and encouraging small businesses to invest and expand,” SBA acting administrator Jovita Carranza said.
“However, many small-business owners are unaware of how it can boost their bottom line. In the roundtables I held with dozens of small-business owners last week on tax policy, many were amazed to learn how much their companies could benefit from the temporary tax incentives in the package.”
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