10 Ways to Cut Your 2008 Tax Bill

1. Buy New Stuff If your business has less than $810,000 in depreciable property, Section 179 of the tax code now lets you deduct up to $250,000 (up from $125,000 last year) on purchases of new equipment. Then you can take bonus depreciation equal to 50% of the equipment's value, all before regular depreciation kicks in. Just start using the new gear before yearend. "If you order a truck that won,t be delivered until January, that won't work, even if you pay for it now," says Steven Levey, chief executive of GHP Horwath, a Denver financial consulting firm.

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