depreciation deduction

2008 Depreciation Changes, Or “How to Quit Your Job This Year.” New tax breaks for businesses and depreciation allowed one of Diane’s client to quit his W-2 job. Learn how to use the new laws to your advantage in this week’s Online Workshop.

There are a couple of options for write-offs when you buy new equipment for your business. Well, for 2008, there are actually two options:

(1) Take a Section 179 for an immediate write-off of all or part of the purchase price, or

(2) Depreciate the property.