SECTION 179 & BONUS DEPRECIATION TWO TAX BREAKS TO JUMPSTART THE ECONOMY ADDED & INCREASED - ECONOMIC STIMULUS ACT OF 2008 EXTENDED - RECOVERY ACT OF.

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Presentation transcript:

SECTION 179 & BONUS DEPRECIATION TWO TAX BREAKS TO JUMPSTART THE ECONOMY ADDED & INCREASED - ECONOMIC STIMULUS ACT OF 2008 EXTENDED - RECOVERY ACT OF 2009 DOWN ECONOMY – BENEFIT ??

SECTION 179 NOT A NEW BENEFIT 9/11 INCREASED TO STIMULATE ECONOMY $128,000 FOR 2008 – PURCHASES NOT TO EXCEED $510, STIMULUS INCREASED TO $250,000 – PURCHASES NOT TO EXCEED $800,000

SECTION 179 (CONT’D) QUALIFYING PROPERTY TANGIBLE PERSONAL PROPERTY USED IN BUSINESS USED OVER 50% FOR BUSINESS EQUIPMENT, FURNITURE, AIRPLANES, SINGLE PURPOSE AGRICULTURAL BUILDINGS, LIVESTOCK, COMPUTER SOFTWARE

SECTION 179 (CONT’D) COST SEGREGATION SPECIAL PURPOSE ELECTRICAL & PLUMBING SEGREGATED NEW & USED PROPERTY QUALIFY CAN NOT REDUCE INCOME BELOW ZERO CAN CARRYFORWARD TO FUTURE YEARS INCREASED AMOUNTS EXTENDED IN RECOVERY ACT OF 2009

BONUS DEPRECIATION 50% WRITE OFF YEAR OF PURCHASE CAN DECREASE TAXABLE INCOME BELOW ZERO CAN CREATE A NET OPERATING LOSS QUALIFYING PROPERTY–SIMILAR TO SECTION 179 MUST BE NEW PROPERTY NET OPERATING LOSS CAN NOW BE CARRIED BACK FIVE YEARS – GET CASH NOW !! FOR SMALL BUSINESSES WITH RECEIPTS LESS THAN $15,000,000

2009 RECOVERY ACT-INDIVIDUALS FIRST TIME HOME BUYER CREDIT - $7,500 PASSED IN 2008 STIMULUS AS A 15 YEAR LOAN PERSONAL RESIDENCES PURCHASED AFTER APRIL 9,2008 TO JULY 1, 2009 TURNED TO A REAL CREDIT BY 2009 RECOVERY MUST BE PURCHASED IN 2009, PRIOR TO INCOME LIMITATIONS - $75,000 S - $150,000 M IR ALLOWS 2009 CREDIT ON 2008 RETURN

SALES TAX DEDUCTION-VEHICLES DEDUCTION FOR AGI CARS, LIGHT TRUCKS, RECREATIONAL VEHICLES,MOTORCYCLES PURCHASED 2009 UP TO $49,000 VEHICLE COST AGI $125,000 S - $250,000 M

MAKING WORK PAY TAX CREDIT 2009 & 2010 $400 S - $800 M REDUCED WITHHOLDING STARTING NO WITHHOLDING – CREDIT ON 2009 RETURN

FORGIVENESS OF DEBT INCOME BANKRUPTCY & INSOLVENCY EXCLUDE DISCHARGE OF QUALIFYING FARM INDEBTEDNESS DISCHARGE OF CERTAIN REAL PROPERTY DEBT DISCHARGE UP TO $2,000,000 MORTGAGE DEBT PRINCIPAL RESIDENCE DO NOT QUALIFY FOR EXCLUSION – ORDINARY INCOME.