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Tax file: Expanding expensing

Published Sunday, July 01, 2007

Small trucking companies, owner-operators and other small businesses can now deduct more of their investment in new equipment. On May 25, President Bush signed a bill that provided more funding for the Iraq war and raised the minimum wage but also contained several tax provisions. The law extends through 2010, one year longer than previously, a tax provision that lets small investors immediately write off, or expense, investments that would otherwise have to be deducted over three years or longer. There is an immediate increase in the expensing limit from $112,000 to $125,000 of investment per year. Businesses ...

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