Recovery with New Tax Breaks: The New Economic Stimulus Plan and Tax Breaks for Your Hearing Care Business (Business Management)
By The Hearing Review
- Release Date: 2009-03-01
- Genre: Health & Fitness
Recovery with New Tax Breaks: The New Economic Stimulus Plan and Tax Breaks for Your Hearing Care Business (Business Management) The Hearing Review Book Review Score: ★★★★★ 5/5 stars
The American Recovery and Reinvestment Act of 2009, a nearly $800 billion stimulus package, includes nearly $300 billion in potential tax savings. Every hearing care professional, as well as their practice, can share in more than $75 billion in tax benefits for 2009 and 2010. The provisions of interest to most audiologists and hearing instrument specialists--the business-related tax breaks in the Recovery Act--extend "bonus" depreciation, increase the Section 179 first-year write-off for newly acquired equipment, and add two new groups of workers for whom first-year wages are reduced thanks to the work-opportunity tax credit. There is also a 5-year rather than 2-year carryback of net operating losses (NOLs) that may return taxes paid in earlier years to the coffers of some financially troubled hearing care practices and businesses.
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