Saturday November 21, 2009

smSmallBiz.com - SmartMoney's Small Business Site

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New Tax Breaks for Small Businesses
The stimulus package offers business owners two big write-offs.
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Dave Posted: 1:04 PM On June 23, 2009
I am starting a drivers education business. Is there any tax advantage to buying a hybird car.
Roger Posted: 2:46 PM On April 17, 2009
Does anybody know if in the case of a sole proprietorship; can the bonus depreciation still be taken if it puts the business into a net loss situation, and the loss then be used to offset and reduce taxliability on other income? Section 179 typically seems to preclude this.

Thanks

R
Update for 2009 Posted: 6:39 AM On April 16, 2009
Bill

Great article. What is your update for 2009?
Mary Posted: 3:23 PM On November 6, 2008
Do Section 179 limits apply independently when you have two S corporations which are under common control or is the $800,000 maximum purchases the total between the two companies?
nathan c Posted: 2:40 AM On November 1, 2008
Great information but do I get the tax advantage if my one person LLC is based in the USA, I purchase a large SUV (cadillac or lexus) with cash (for title purposes of bringing it across the border), but I am living in Mexico conducting business on behalf of my USA company out of my office in my house?
Chris Posted: 9:24 AM On October 10, 2008
Bill you posted this: Under the 50% first-year bonus depreciation deal, your business can immediately deduct half of the cost of a new asset if it's purchased and placed in service during 2008. Then you can write off the remaining cost via the Section 179 deduction.

I believe it is the other way around. Section 179 gets deducted first then the remaining amount is subject to the bonus depreciation.

Chris
Mark Posted: 12:09 AM On June 22, 2008
Excellent information, Bill. Thank you for that.
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