Monday, December 18, 2006

Tax benefits for office supplies

The US National Federation of Independent Business has achieved an increase in expensing limits for the 2006 tax returns of small-business owners . Congress has already approved an extension of the increased expensing limit from 2009. The 2006 tax year limit is $108,000. To receive immediate tax benefits you can now spend on office supplies, rather than spreading the cost over several years as a depreciation expense. Computers, software, furnishings and machinery can all offer tax benefits as long as they are purchased before the end of 2006.