New Tax Legislation for Small Businesses

Most of the talk about the most recent tax legislation just signed by President Bush focuses on the tax rebates for individuals...there were also two "gifts" for small businesses to help stimulate the economy...

• the stimulus package will provide a 50-percent bonus deduction on new equipment in the year that it is placed in service and
  
• allow employers to fully expense $250,000 in both new and used tangible property in the year it is purchased

These rules apply to 2008 only.