Local SEO & Small Business Marketing Tips

Small Biz Tip: Taxes: Business Tax Breaks

Tips from March 10, 2010Are you collecting the maximum tax breaks from the stimulus law passed last year? Here are the 5 best business tax breaks. Bonus depreciation. Allows a business to deduct 50% of the cost of a new asset in the year it is placed in service. Section 179 expensing. A small business can elect to expense up to $250k of the cost of qualified assets. Net operating losses. Under the new law, most businesses can elect to carry back losses for up to 5 years, instead of the usual 2 years. Discharge of business debt. The stimulus law allows businesses to recognize discharge of indebtedness income over 5 years, rather than all in 2009. Exclusion of gain on the sale of qualified small business stock. Increased to 75% for any gain from a sale between Feb 09 and Jan 11. Daily Overview: Keep the 2009 stimulus law in mind when you are calculating your taxes this year.  Big thanks to...

By Cheryl Sowa ยท March 10 2010 small business tips, small business, taxes, finance

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