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Thread: Just announced. 100 percent business expense write off. What does that mean?

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    @haroldmansfield Array Harold Mansfield's Avatar
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    Default Just announced. 100 percent business expense write off. What does that mean?

    Just came over the wire that the President and G.O.P ( sad that it's divided like that) just reached a tentative deal to extend the Bush tax cuts, unemployment benefits and 100 percent write off on business expenses.

    What does that 100 percent business write off mean for me?

    Edited:
    I had it wrong. It's 100 percent write off of new investment. Still, does that apply to me?
    Last edited by Harold Mansfield; 12-07-2010 at 01:14 AM.
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    Member Needs New Keyboard Array huggytree's Avatar
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    id assume it means any new equipment you buy can be deducted 100 percent this year instead of deducting it little by little each year...if you had a high profit year you can now buy a piece of equipment to lower your tax burden....im assuming everything here, but ill bet thats what it is...I have a few thousand in new equipment, so it will help me a bit if its for 2010.....

    extending unemployment to over 2 years is insane...GOP won in 2 things and gave up on 1.....2 for 1 isnt a bad deal i guess...hope the tax cuts are extended for more than 2 years

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    @haroldmansfield Array Harold Mansfield's Avatar
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    I'm a die hard Democrat and Liberal, but even I think a 13 month extension of unemployment is a bit much.
    But I like the other stuff.
    I guess that's Washington. Gotta give to get.
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    Mr. Tax Man Array
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    I did not hear that fact of "100% of investment", but it does sound like an inference to capital/equipment, and the infamous 179 deduction and perhaps 168 bonus depreciation.

    I'm not solidifying myself on what exactly is going to happen, as there are a lot of things contingent on this legislation, namely an extension of many "tax credits" that are supposed to expire. So if absolutely nothing was done, assuming the same $50,000 of income last year also being this year, some people would still see a tax increase because of fewer deductions. So until the dust clears, nothing Obama pledges with Republicans matters, as the liberal base of his party is who he needs to also try pleasing too.

    eborg -- the whole point of this is to put things that are attractive in the bill for both sides, so when you vote against it, they can say you don't support... "X". It's politics as usual

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    Member Needs New Keyboard Array jamesray50's Avatar
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    I don't think anything is written in stone yet. But I for one am hoping for the unemployment extension. It would be a big help to me since I have not found a job yet and my benefits are about to run out.

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    @haroldmansfield Array Harold Mansfield's Avatar
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    Quote Originally Posted by jamesray50 View Post
    I don't think anything is written in stone yet. But I for one am hoping for the unemployment extension. It would be a big help to me since I have not found a job yet and my benefits are about to run out.
    A few of my friends are hoping for the same thing. I don't think it will do them any good because they are 99'ers. From what I understand there is no extension in the works for them.
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    Member Needs New Keyboard Array jamesray50's Avatar
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    The senate is talking a fillibuster now.

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    @haroldmansfield Array Harold Mansfield's Avatar
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    Of course they are. That's what they do.
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    Mr. Tax Man Array
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    Jo Ellen -- sorry to hear about the job loss. It's been a very rocky economy. As noted, nothing is certain right now, and it seems like many Democrats don't like the plan. Regardless of my opinion, until the dust settles, I can't really say what, for sure, is going to be in place for next year.

    Though I can say, factually, that the IRS will still be there, and that you WILL have a tax liability. Can't promise a low balance due, or refund... Sorry
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    Post Impressionist Array vangogh's Avatar
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    Though I can say, factually, that the IRS will still be there, and that you WILL have a tax liability.
    Noooooooooo. Say it isn't so, say it isn't so.
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