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Wednesday
Jun112003

Take Advantage of New Tax Relief Bill

Two weeks ago, President Bush signed into law the third largest tax cut in history. You may be able to benefit from several provisions in this bill.

- The first-year expensing allowance has been increased from $25,000 to $100,000. This allows you to deduct 100% of the cost of most new and used business assets placed in service during the tax year, up to $100,000.

- New rules provide for an increased "bonus" depreciation write-off in the first year for small business owners.

- There is a new 100% deduction for off-the-shelf computer software purchased through 2005.

- There are increased deductions for business vehicles.

- You can reduce the withholding on the earning of your workers so that their take-home pay increases. New withholding tables are already on the IRS website.

Whether you supported the tax cut or not, you should talk to your tax accountant to see if you can begin taking advantage of some of its provisions.

You can even help jumpstart the economy by purchasing new business assets, new computer software and new business vehicles!

Thank You to everyone who responded to my last LegalBrief on court funding. For everyone who thought the last email was too long to be called "brief," this issue was kept short just for you!

Don't Forget my popular seminar "59 Employment Law Tips in 59 Minutes" sponsored by the Eugene Chamber of Commerce on June 19, 2003 from 7:30 a.m. to 9:00 a.m. To ask about cost, to register or for other questions, call the Eugene Chamber at 541-484-1314.

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