2. 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 ??

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

4. 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

5. 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

6. 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

7. 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 12-1-2009 INCOME LIMITATIONS - $75,000 S - $150,000 M IR 2009-14 ALLOWS 2009 CREDIT ON 2008 RETURN

8. 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

9. MAKING WORK PAY TAX CREDIT 2009 & 2010 $400 S - $800 M REDUCED WITHHOLDING STARTING 4-01-2009 NO WITHHOLDING – CREDIT ON 2009 RETURN

10. 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.