Small Business Deductions with Bigger Payoffs, Thanks to Section 179
by Christina Lee on March 4th, 2009
The definition of what small businesses can claim on their taxes has always been pretty broad. In fact, it can easily sum up to just about any “ordinary, necessary, and reasonable expense,” as legal reference Nolo states. But Section 179 of the Economic Stimulus Act of 2008 may allow for small business owners to get even more of their 2008 tax returns this year, especially if the following deductions are claimed: Computer software. Though small business owners once had to depreciate the costs of new software over three years, they can now fully expense new purchases during the same year,... Read more »