Bill Rys, chief tax counsel of the NFIB, is Rich Sloan’s guest on this Tips for Entrepreneurs podcast episode. Rich and Bill work through the implications of the Congressional stimulus package and how it will impact small business, whether the home-based sole proprietor or the growing brick-and-mortar small business.
Entrepreneurs will now have increased expensing limits, doubling from $125,000 to $250,000. This will allow small business owners to immediately write off business purchases and will help small business owners expand their businesses and hire new employees.
Another key provision is a 50 percent bonus depreciation deduction. This provides an additional one-year depreciation deduction value to 50 percent of the value of the property. Bonus depreciation is an incentive for businesses to invest in their business now, as it provides an immediate deduction for half the cost of the investment.
Bill’s a great guest and a serious authority and makes the stimulus package a breeze to understand.