Use the 2008 Economic Stimulus Act to automate
The 2008 Economic Stimulus Act that provides tax benefits to businesses will expire at the end of 2008. To encourage companies to use the Act to help automate current systems, Barcoding Inc., a provider of automatic identification and data collection systems, offered the following advice: The $250,000 amount provided under the new law is reduced if the cost of all section 179 property placed ...
The 2008 Economic Stimulus Act that provides tax benefits to businesses will expire at the end of 2008. To encourage companies to use the Act to help automate current systems, Barcoding Inc., a provider of automatic identification and data collection systems, offered the following advice:
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—named after the section related to such property 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.
www.barcoding.com
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