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The Economic Stimulus Act of 2008 Business Tax Benefits
The The Economic Stimulus Act of 2008 included bonus depreciation to encourage businesses to increase investment. However, companies in a loss position cannot take advantage of bonus depreciation because they do not have any taxable income against which to take the deductions. Image by cbcastro via Flickr The housing act allows taxpayers (corporations) to use accumulated alternative minimum...
January 10th, 2009 by The Tax Man
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Increased Vehicle Depreciation Deduction Limits
As part of the Economic Stimulus Act of 2008, Congress enacted a temporary increase in the allowable depreciation deduction for passenger vehicles under the luxury car rules. Under this law, taxpayers will be able to deduct just over $11,000 as first-year depreciation on business use vehicles purchased and placed in service in 2008. This increase in the luxury car limitation may be relevant if you...
January 5th, 2009 by The Tax Man
