As an attempt to help stimulate the economy the government has increased the limits on the Section 179 deduction and extended the 50% bonus depreciation allowance.
For businesses who purchase depreciable assets such as furniture and equipment in 2009 they will be able to deduct up to $250,000 of those purchases under section 179 deduction. Having said this there is still a $25,000 limit on sport utility vehicles purchased by businesses.
Bonus depreciation generally enables businesses to deduct half the cost of qualifying property in the year it is placed in service.
There are limits to the above deductions so please consult a tax adviser regarding your specific situation.
Best wishes,
Gina
http://GLGcpa.com
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