It seems to happen every year. The fate of several soon-to-expire tax breaks for small businesses remains unknown.
Strategy: Take full advantage of the key tax breaks that suit your business needs while they’re still available.
If Congress eventually passes legislation extending these tax incentives, it’s likely you’ll be no worse off than if you had waited.
Here are seven of the “biggest and best” on the books.
1. Nail downdeductions. Under the American Taxpayer Relief Act of 2012 (ATRA), your business can currently deduct up to $500,000 of qualified assets placed in service in 2013, subject to a $2 million phaseout threshold. If the maximum allowance isn’t extended, it will plummet to a paltry $25,000 in 2014, with just a $200,000 phaseout threshold.
2. Reward yourself with a tax bonus. Bonus depreciation has been around for several years in various forms. The current version allows a business to claim a...(register to read more)