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It's still not clear whether we'll have a recession or not. But the Federal Reserve, Congress, and the president are definitely concerned -- and are taking swift action.
In fact, Congress and the president are pushing for some tax breaks for small businesses. "The features are similar to the incentive tax provisions of the Reagan era's 1981 Economic Recovery Tax Act, which provided business investment incentives," said Mary Canning, the Dean of the Schools of Taxation and Accounting at Golden Gate University.
So, what does this all mean? What can you do?
Let's take a look:
The proposal: The stimulus plan doubles the amount small businesses can write off for investments in 2008 -- from $125,000 to $250,000. What's more, the bill expands the cap for eligibility; that is, businesses making as much as $800,000 (the prior cap was $500,000).
The proposed bill also allows for accelerated depreciation on plant and equipment. Basically, you can write off as much as 50% of such investments in 2008.
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