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9 top year-end tax strategies for small business owners

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in Hiring,Human Resources,Small Business Tax,Small Business Tax Deduction Strategies

year-end tax planning doesn’t have to be personal. Here are nine ideas for cutting taxes that are “strictly business.” Consider the following techniques for calendar-year companies. 

1. Upgrade your equipment

The new small business law provides a double-barreled tax incentive for business owners in 2010.

Strategy: Buy equipment and software before Jan. 1. Under the new law, you can cash in an enhanced Section 179 deduction for 2010 for both new and used equipment and software, plus a 50% “bonus depreciation” deduction for new (not used) equipment and software. So there’s more tax reason to acquire qualified business assets this year.

Prior to the law change, the maximum Section 179 deduction for tax years beginning in 2010 was $250,000, subject to a dollar-for-dollar phaseout for purchases above $800,000. The new law doubles the maximum deduction to $500,000 for tax years beginning in 2010 and 2011, while also hiking the pha...(register to read more)

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