The Small Business Administration has created an online tax savings resource center to help small businesses understand the benefits of the economic stimulus package.
The resource center includes a fact sheet outlining various tax benefits for small businesses. The package includes a 50 percent bonus depreciation allowance on equipment purchased and placed in service in calendar year 2008, and an increase from $128,000 to $250,000 in the amount that a business can expense for equipment purchased and placed in service during the business tax year.
The resource center also provides an online depreciation calculator that gives an estimate of the first-year depreciation available to small businesses through the stimulus package. Also on the site is an online seminar to educate small businesses about the package's tax benefits.
The SBA is encouraging small businesses to contact their tax advisors to determine how the provisions and implementation of the economic stimulus package could apply to their business.
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