Ross Buehler Falk & Company is a Lancaster, Pennsylvania based Certified Public Accounting (CPA) Firm

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Enhanced expensing and bonus depreciation - Valuable business incentives

The Economic Stimulus Act of 2008 provides two valuable tax relief incentives accelerated all in one year, 2008, via enhanced expensing and bonus depreciation. The new law nearly doubles the amount of deductible Code Sec. 179 expensing for 2008 to $250,000 and increases the threshold for reducing the deduction to $800,000. The enhancement applies to property purchased and placed into service in tax years beginning in 2008.

The bonus depreciation reinstates the provision allowing 50 percent of new property purchased to be written off in the first year.

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