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Lock up 7 fleeting tax breaks

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in Small Business Tax,Small Business Tax Deduction Strategies

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 down Section 179 de­­duc­­tions. 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)

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