Use the 2008 Economic Stimulus Act to automate
2008 Economic Stimulus Act provides tax benefits to businesses but it expires at year end, says Barcoding Inc. Move forward with projects or look at implementing new ones soon to get benefits, the company advises.
Baltimore, MD – The 2008 Economic Stimulus Act that provides tax benefits to businesses will expire at the end of 2008, says Barcoding Inc. The company advises moving forward with projects or look at implementing new ones before the year’s end to take advantage of these tax savings. Those could include automation, instrumentation, and controls, software, networking, and even identification technologies, such as bar codes.
- Generally a qualifying taxpayer can elect to treat the cost of certain property as an expense and deduct it in the year the property is placed in service, rather than depreciating it over several years. Such property is frequently referred to as section 179 property, after the relevant section in the Internal Revenue Code.
- Under this 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. Without 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.
- Barcoding representatives can suggest ways to start project now and finance them with no payments until 2009, a way to save on tax credits while moving forward with projects. Most equipment and services provided by Barcoding are eligible for the savings.
Barcoding explains A related page of information entitled Learn About Your Business– Lower the True Cost of Ownership , Barcoding says, in a PDF offering more information. A corporate accountant or the IRS can help companies understand how tax changes impact plans for the rest of 2008 .
– Control Engineering
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