The tax deadline is looming for many small business owners. As you begin to prepare to file your documents with the IRS, be sure to examine which established tax credits your corporation is qualified for and which new tax breaks that you may be eligible for, according to Entrepreneur
If you hired new employees between February 3 and December 10 of last year, you are eligible for a new hires tax credit, so long as these employees weren't taken on to replace anyone who left. Additionally, they must have been unemployed for at least 60 days prior to their employment with your company.
Another new tax break is aimed at cell phone users. Before, cell phones were considered "listed property" by the IRS, but now they have been removed from that list, meaning businesses can directly write them off.
Any small business that purchases new equipment between September 8, 2010, and December 21, 2011, may be eligible for a 100 percent write-off - a break that was created by Congress to help boost the economy, the source reported.
Small businesses should be sure to invest in the aid of a certified public accountant when filing their taxes. A CPA can help identify all the breaks a company is eligible for and make sure all papers are properly filed. In the event of an audit, they can also prove to be an essential resource.
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