How have business tax rules changed for 2008?

Question

I know its always changing, but what are current changes for depreciation in 2008

Answer 1

The only depreciation change on the books so far for Tax Year 2008 are changes in the Section 179 deduction as far as I am aware of.

Here's a quick and dirty look at changes on the books now, up through 2011:  http://turbotax.intuit.com/tax-tools/tax...

Keep in mind that Congress can change the law at ANY time.  This is an election year and pretty much ANYTHING can happen as the parties jockey for position going into the November elections.  And given that a change in power is highly likely according to most political pundits on both sides of the aisle, it's impossible predict what might happen after the new Congressional session starts after the New Year.  If the White House changes hands, the results could be even muddier.  My crystal ball is in the shop for its 10,000 prognostication check-up, so I won't even hazard a guess there.

Answer 2

You are probably referring to the changes made by Economic Stimulus Act of 2008.  They are affecting Section 179 and bringing back the old post-911 bonus depreciation for 2008.  You can read about them at http://www.irs.gov/newsroom/article/0,,i...

Answer 3

The economic stimulus act has changed some depreciation rules.  There is a great blog on the subject noted below.  This is a great year for capital investments and massive depreciation.