A new law signed on September 27 will give small businesses some tax breaks and assistance in getting loans. The law provides a $30 billion fund to encourage community banks to lend to small companies.
 It extends 50% bonus depreciation for new business equipment purchased in 2010 and increases first-year expensing of new and used equipment purchased in 2010 and 2011 to $500,000.
The 2010 deduction for business start-up expenses doubles to $10,000, and self-employed individuals are allowed to deduct the cost of health insurance for themselves and their families in calculating self-employment taxes.
For more information, give us a call.
David Bradsher, CPA is a Washington DC / Northern Virginia area CPA who works with small business owners and non profit leaders on a monthly basis to provide them with guidance and advice on how to grow their organizations, minimize their tax liabilities and increase their bottom line.
