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2010 End of Year Tax Tip


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2010 End of Year Tax Tip

 

Purchase needed business assets now

 

If you are thinking of buying significant assets, such as major equipment for your shop, you still have two more months to qualify for bonus depreciation for 2010, allowing you to deduct 50% of the cost right away. The other 50% is recovered through regular depreciation. Bonus depreciation can be claimed on new assets with useful lives of 20 years or less; including machinery, equipment and land improvements. Act quickly, this tax breaks ends after 2010.

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