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Business write-offs
Q: I've heard about the new tax law for business write–offs, but I'm not sure if anything I've purchased in 2004 qualifies. Can you give me a quick list of what write–offs are allowed?
A: The law lets you write off the cost of equipment purchases made for your business in 2004 up to $102,000. "Equipment" isn't limited to machinery — it also covers just about anything that you'd otherwise have to depreciate over a number of years, such as computers, copying machines and office furniture as well as off–the–shelf software. It also includes trucks and vans that are not suitable for personal use (e.g., there is permanent shelving).
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