Bonus Depreciation Tax Credit
The “bonus depreciation” tax credit passed by
Congress in 2002, was applied to equipment placed in
service after 9/10/2001 and allowed for 30% of the
cost of the equipment to be depreciated immediately,
before applying the normal depreciation to the rest of
the cost.
We always encourage our clients to consult with
their tax professionals. However, it’s worth
mentioning the following to your clients or your
company tax person.
Since the tax law wasn’t enacted by Congress until
mid 2002, many companies had already filed their tax
returns for 2001. In doing so, they may have also
missed the “window of opportunity” for taking
advantage of the tax benefit for the 2001 tax year.
An amended return can be filed to claim that refund if
applicable. Once again consult with your tax
professional on this.
As the country waits for the disposition of the Iraq
situation, business people are feeling the effect of the
wait-and-see attitude that many people in the business
community have adopted. Nonetheless the Wall
Street Journal reported in their 1/3/03 edition that
“for the first time in fifty years, the stock of installed
equipment and software in U.S. business is shrinking
because it is wearing out faster than it is being
replaced.
Technology now makes up half of all business
investment. Since companies have actually under
invested, there should be an enormous pent-up
demand for capital spending.”
Let’s hope that demand continues to create more
business opportunities for all of us!
The “bonus depreciation” tax credit passed by
Congress in 2002, was applied to equipment placed in
service after 9/10/2001 and allowed for 30% of the
cost of the equipment to be depreciated immediately,
before applying the normal depreciation to the rest of
the cost.
We always encourage our clients to consult with
their tax professionals. However, it’s worth
mentioning the following to your clients or your
company tax person.
Since the tax law wasn’t enacted by Congress until
mid 2002, many companies had already filed their tax
returns for 2001. In doing so, they may have also
missed the “window of opportunity” for taking
advantage of the tax benefit for the 2001 tax year.
An amended return can be filed to claim that refund if
applicable. Once again consult with your tax
professional on this.
As the country waits for the disposition of the Iraq
situation, business people are feeling the effect of the
wait-and-see attitude that many people in the business
community have adopted. Nonetheless the Wall
Street Journal reported in their 1/3/03 edition that
“for the first time in fifty years, the stock of installed
equipment and software in U.S. business is shrinking
because it is wearing out faster than it is being
replaced.
Technology now makes up half of all business
investment. Since companies have actually under
invested, there should be an enormous pent-up
demand for capital spending.”
Let’s hope that demand continues to create more
business opportunities for all of us!
© 2007 Equipment Funding Resources
All Rights Reserved
Contact person: Tom Tolman
Phone: 800-982-5868 ext# 113 Fax: 800-555-4322
E-mail: tom_tolman@yahoo.com
Site: http//www.equipmentfundingresources.com
All Rights Reserved
Contact person: Tom Tolman
Phone: 800-982-5868 ext# 113 Fax: 800-555-4322
E-mail: tom_tolman@yahoo.com
Site: http//www.equipmentfundingresources.com
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