Economic Stimulus Act of 2008

For those of you that own a business, make sure you pay attention to the Economic Stimulus Act of 2008. After the tech-bubble of 2001, the government allowed a "special" depreciation bonus on new equipment purchased for businesses. They are doing that again for 2008.
Section 179 equipment can be expensed up to $250,000 this year and if the asset doesn't qualify for section 179, you can write off 50% in depreciation in the first year (2008).

I know this is probably boring for most of you, but for those with small businesses that need extra equipment, this should be good news!



Also, note that the federal standard mileage rate went up to 58.5 cents on July 1st through December 31st. It usually is adjusted once per year, but because of the high cost of gas, they adjusted it early. So, if you get reimbursed mileage from your company (or track your miles for your own business), make sure you are getting the appropriate rate!