The tax law changes in 2013 for small business owners aren’t as monumental as those for individual taxpayers.
Alert: There are still plenty of tax-saving opportunities for businesses at the end of the year. In fact, you might take advantage of several generous provisions included in the new American Taxpayer Relief Act (ATRA).
Here are five popular tax strategies you may employ at the end of 2013.
1. Load up on business equipment. Under ATRA, your maximumfor qualified business property placed in service in 2013 is the lesser of a whopping $500,000 or the taxable income from your business. The $500,000 deduction begins to phase out on a dollar-for-dollar basis above a threshold of $2 million.
However, the maximum dollar amount is scheduled to plummet to $25,000 in 2014, with a $200,000 phaseout threshold. So buy new equipment and start using it before the end of the year.
2. Get greedy about depreciatio...(register to read more)