The Whitehouse blog helps pinpoint how small businesses can take advantage of the changes in the tax laws within this Small Business Jobs Act. Specifically 8 new tax cuts went into effect immediately with another 8 expected to be added on Monday.
Two of these include the:
- Extension of 50% Bonus Depreciation: providing businesses, large and small, with the ability to make new investments today and know they can receive a tax cut for this year by accelerating the rate at which they deduct capital expenditures.
- Extension and Expansion of Small Businesses’ Ability to Immediately Expense Capital Investments: The bill increases for 2010 and 2011 the amount of investments that businesses would be eligible to immediately write off to $500,000, while raising the level of investments at which the write-off phases out to $2 million.
Other changes like: larger maximum small business loan sizes, new small business loan funds, cell phone deductions without massive paperwork, and increasing the deduction for start-up expenses may mean that small businesses can look to properly automate their business with a solution like
No matter what your political affiliation, or un-affiliation, these tax changes may benefit your company today. I encourage you to contact a
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