Businesses get boost from stimulus package, too
By now, it's no secret that taxpayers will have a few extra dollars in their pockets come May. Lesser known is the fact that businesses will also benefit from the Economic Stimulus Act of 2008.
According to the IRS, the business-based incentives include "a special 50-percent depreciation allowance for 2008 purchases and an increase in the small business expensing limitation for tax years beginning in 2008. " Read more about these incentives here.
You'll find more information about the stimulus package here:
- Complete IRS information about the stimulus package
- Stimulus payments: Facts and figures
- Instructions for low-income workers and recipients of Social Security and certain veterans’ benefits
What do you think: Will this stimulus package give our economy a shot in the arm, or is it too little, too late?