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Increased Depreciation Deductions Available for 2008

With the passing of the Economic Stimulus Act of 2008, taxpayers have the opportunity for increased depreciation deductions. Taxpayers have two ways to maximize this deduction. First, Section 179 limits have been raised to $250,000, which is double the amount allowed for 2007. Secondly, businesses can deduct 50% of the value of qualifying property placed in service during 2008.

Read more on Section 179
Read more on bonus depreciation 

For more information on this topic, please contact Craig Maksymiak at 312-980-2977 or your Blackman Kallick representative.

This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.