The Small Business Administration recently launched an online tax savings resource center to assist small companies in identifying the benefits of the economic stimulus package introduced in January of this year. The resource center explains the new tax benefits and estimates the first-year depreciation for small businesses using online calculators and tutorials. Because the SBA found that most small businesses remain unaware of the benefits of the package, officials hope that entrepreneurs will take the advantage of this resource.

The stimulus package increases the expensing limit from $128,000 to $250,000 and amount of depreciation deduction by 50 percent in the 2008 tax year. However, it is worthwhile that small businesses consult their tax advisor as there might be exceptions and provisions to these benefits.

For SBA resource center, visit www.sba.gov/stimulus/ and for details of tax changes visit the Internal Revenue Service’s Web site.