10 Tax Breaks For Small Businesses

Unless you have the time to keep up with our ever-changing tax code, the following article is a must read for small business owners. There are new tax breaks available for small businesses that can help ease the pain some of us have felt over the past year.


Breaks Include:

  • First-year expensing
  • First-year bonus depreciation
  • General business credit
  • Cancellation of debt
  • Work opportunity tax credit expansion
  • NOL carrybacks
  • Higher caps on business vehicle depreciation
  • Deferral of estimated taxes
  • S-corp built-in gains tax period reduction
  • Exclusions on gains from sales of small business stock
  • Bonus: Section 1231 losses and gains