As we come to the close of 2008, this economy has caused a volatile year for many. Many Americans have had to scramble to make a living and adjust to changing times. With higher gas prices and costs of living escalating to new levels, many businesses are on the brink of extinction. For the lucky few, that have had a profitable year, it is time to maximize the situation and plan to minimize the tax burden. The government has made some substantial changes in 2008 for investing in the U.S and we are going to look at the depreciation area for qualified acquisitions.

The following is one of the incentives that is available for 2008: Increased Section 179 limits. The maximum section 179 deduction you can elect for qualified section 179 property you placed in service in tax years that begin in 2008, has increased to $250,000 ($285,000 for qualified enterprise zone property and qualified renewal community property). This limit is reduced by the amount by which the cost of section 179 property placed in service in the tax year exceeds $800,000. For qualified section 179 Gulf Opportunity (GO) Zone property placed in service in certain counties and parishes of the GO Zone, the maximum deduction is higher than the deduction for most section 179 property.

Special depreciation allowance for certain property. You may be able to take an additional first year special depreciation allowance for certain qualified property (defined below). The allowance is an additional deduction of 50% of the property’s depreciable basis (after any section 179 deduction and before figuring your regular depreciation deduction).

Examples of Qualified property are the following and must also meet all of the following tests.

Dump trucks, garbage trucks, water trucks, boom trucks, vacuum trucks, semi trucks, excavators, backhoes, forestry equipment, farm equipment, office equipment, machinery and equipment, production equipment, garbage truck, cement and concrete trucks,computers etc.

Qualified property must be placed in service after December 31, 2007, and before January 1, 2009 (before January 1, 2010, for certain transportation property and certain property with a long production period).

The original use of the property must begin with you after December 31, 2007.

In a nutshell here is an example to illustrate the information above. Lets assume the following facts. You are a corporation, sole proprietorship etc and your net profit is $600,000 from January 1, thru October 31, 2008, November and December will be a breakeven therefore, we are at the $600,000 profit for the year based upon our estimate. We have some new signed contracts for the end of 2008 or beginning of 2009 and we need to buy some major equipment in the last month of the year and take delivery before the end of the year.

Obvious from this example, this could be a big bonanza to reduce taxes in 2008 without the major outlay of upfront money. It is important to obtain current interim 2008 financial statements from your CPA, bookkeeper, or in house books now to study your tax situation for 2008. This example above can be scaled back or up to a smaller or larger version and can have a tremendous impact on your company’s 2008 tax situation. These depreciation rules only apply to a profitable company and shouldn’t be considered for additional operating losses. Additionally, it is recommended that you consult with a qualified tax person because this tax law change is new and is higher upgraded from the allowable deductions for 2007.. For companies looking to acquire qualified assets for 2008 with substantial profit, there are limitations and phase out rules for acquistions over $800,000. Tax planning is important at this time of year whether you are Profitable or not and consulting with a qualified tax person is as equally as important . The dollars invested in this area, if done properly, will reward your company handsomely.

Easy qualifying for car and truck financing, is a necessity if you have bad credit. There are many times that your car and/or truck will break down for a major repair over the course of its lifetime. Either you don’t have any or enough money to fix the problem and/or your credit doesn’t permit you to make this major repair. These major repairs could be in the thousands of dollars and now you have a major problem. You can ask your family members and/or friends to assist you but usually that can turn into a bigger problem. Going to a bank and/or financial institution for a loan usually isn’t feasible these days unless you have stellar credit. What do you do? In the market today are car title loan programs that aren’t Fico credit driven at all. They are interested in making these loans to you based upon the following requirements:

If your car or truck is:
Less than 8 years old. Is insured, including collision and comprehensive coverage. Has a clear title (not leased and no outstanding loans on it). And you have a steady income, you will be approved for financing.

This is a car title loan program and can be used to get these major repairs done and repaid in payments affordable to you. These lenders are in United States and Canada.

For truck drivers we know that is your livelihood. Every day that it is off the road means that you don’t get paid. ., we understand that you need your truck to earn your living.

Once your loan is approved, the lender simply forward your loan documents to you for your signature. Once the documents are signed, the lender will pay for your repairs. They then break that large repair bill into smaller, more affordable monthly payments. Your repayment plan is simple and can be customized to fit your budget. It’s that easy to get your truck back on the road.

Some of the trucks  and manufacturers that this financing program is valid for is: semi trucks, over the road trucks, dump trucks, boom trucks, construction trucks, crane trucks etc. This program would apply to Peterbilt, Kenworth, Mack, International, Freightliner, Volvo, Sterling, etc .

These car title loan programs apply for cars and trucks and cover the United States and Canada. Don’t let your truck and/or car control your life, get on top of the problem and don’t lose sleep and money over the situation.