For 2009, a business can now deduct up to $250,000 of the cost of qualified equipment purchased in 2009 from their taxable income."
By purchasing a new 3D scanning system from Laser Design, your company could save thousands off your 2009 tax bill. The Economic Stimulus program is similar to the program that was in effect through the end of 2008 however the 2009 amounts have almost doubled!
For 2009, a business can now deduct up to $250,000 of the cost of qualified equipment purchased in 2009 from their taxable income (before this act a business could deduct up to $128,000). If the cost of qualified equipment purchased during 2009 exceeds $800,000 this amount is reduced. This $250,000 deduction is phased out on a dollar-for-dollar basis on an equipment purchase between $800,000 and $1,050,000.
In addition, the Economic Stimulus Act also allows for a special 50% bonus depreciation on certain assets placed in service before December 31, 2009. In order to be eligible for this bonus depreciation the assets' original use must occur during 2009. For example, if you are purchasing $300,000 worth of equipment, you would get an additional $25,000 in depreciation.
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(None of this information is intended to be tax or legal advice, consult your tax professional to see if you qualify).
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