As a small business owner you need to have a good handle on your company's taxes. Some changes were slated to go into effect last year, and with the Obama tax plan, many more are coming up. Here are a trio of changes you need to know about right now. Two are good, one...not so good.
The Good News
It is always nice when the IRS decides to make life easier for the taxpaying public. Here are a couple of ways they are doing just that:
Business Equipment Deductions. Section 179 allows you to deduct 100% of the asset's cost in the year of purchase, just like any other operating expense. The limit has been gradually increasing over the past several years. In 2007, it was $125,000, but that was doubled in 2008 to $250,000. While this does mean that you may be able to forgo depreciation again this year, it is also true that depreciation is complex so make sure you educa... [Read Full Article]