Where can I find more information on IRS Stimulus Payments?
January 19, 2009 by Tax Blog
Filed under Questions & Answers
Axle asked:
I have looked up the IRS website (not very user friendly!) and I can’t see anything. I understand that the program allows businesses to write off 50 per cent of purchases of capital equipment.
I have looked up the IRS website (not very user friendly!) and I can’t see anything. I understand that the program allows businesses to write off 50 per cent of purchases of capital equipment.
Would software, specifically ERP, qualify?
dawn b on Thu, 22nd Jan 2009 6:02 am
. This site is very user friendly. And what program are you talking about?
nolainkansas on Fri, 23rd Jan 2009 2:56 am
I found this at the very end of the Frequently Asked Questions section on Stimulus Payments.
Q. Am I entitled to the business portion of the stimulus package even if my adjusted gross income exceeds the threshold that phases out the basic credit?
A. The individual and business parts of the legislation are separate and have different qualifications. [New 4/14/08]
Q. What types of acquisitions will qualify for the 50% depreciation deduction? I am specifically wondering if farm buildings will qualify for this accelerated depreciation.
A. To qualify for this deduction, property must have a recovery period of 20 years or less. Farm buildings normally qualify since they have a general depreciation recovery period of 20 years. The alternative recovery period of 25 years does not have to be considered unless the property is required to be depreciated under the Alternative Depreciation System. [New 4/14/08]
Surely there is more information available somewhere.
wartz on Sat, 24th Jan 2009 11:17 pm
Read about 80% of the questions posted in US taxes. The answer to your question is there somewhere.