Tax Breaks for Small Businesses
With the April 15th deadline quickly approaching, there are many tax breaks small business owners should know about.
- First year profitable businesses can depreciate cost of business property and equipment purchased in 2009 up to $250,000
- First year non-profitable businesses can depreciate 50% of their office related property
- General business credit limit has been raised for non-profitable businesses
- Work opportunity tax credit is available to small businesses who have hired employees that fall into “target groups who have consistently faced significant barriers to employment”
- NOLs carry back allows small businesses to carry back net operating losses for five years instead of the previous two years.
Be sure to contact your accountant and ask about all the tax breaks your small business qualifies for.
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