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Minimizing Tax Liabilities for Small Businesses

B A L CONY. Minimizing Tax Liabilities for Small Businesses. Rosemarie Klotz. Tax Tip #1.

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Minimizing Tax Liabilities for Small Businesses

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  1. BALCONY Minimizing Tax Liabilities for Small Businesses Rosemarie Klotz

  2. Tax Tip #1 DEPRECIATION VS. EXPENSEIf you buy new business equipment, under Section 179 of the Internal Revenue Code, you can expense up to $250,000 of your purchase this year if thetotal purchase is not greater than $800,000, instead of depreciating it.

  3. Tax Tip #2 Rehabilitation credit available for restoration of qualified business buildings and certified historic structures…

  4. Tax Tip #3 Disabled access credit for bringing facilities into compliance with the Americans with Disabilities Act.

  5. Tax Tip #4 Credit for providing low income housing.

  6. Tax Tip #5 Credit for developing orphan or generic drugs.

  7. Tax Tip #6 Credit for using alternative fuels.

  8. Tax Tip #7 Disaster relief when an area is declared a national disaster – includes special casualty loss provisions, filing extensions, and more.

  9. Tax Tip #8 Energy credits for construction of energy efficient homes, manufacture of energy efficient appliances, and more.

  10. Tax Tip #9 Alternative motor vehicle credit – for qualifying hybrid, fuel-cell, plug-in electric, and other alternative motor vehicles used for business.

  11. Tax Tip #10 Credit for pension plan start-up costs. (Plan contributions funded by employer are also deductible).

  12. Tax Tip #11 Work Opportunity Credit for hiring certain targeted groups including unemployed veterans, individuals living in disadvantaged areas, and disconnected youth (age 16-25) not attending school or employed.

  13. Tax Tip #12 Credit for employer-provided child care facilities and services.

  14. Tax Tip #13 Worker, Homeownership and Business Assistance Act of 2009– companies can offset losses from 2008 and 2009 against profits as far back as 2004.

  15. Tax Tip #14 Friendly warning :In order to close tax gap, the Internal Revenue Service has hired many new agents to focus on small business owners. The focus will be on the maintenance of back-up documents for expenses.

  16. Questions? • Please feel free to call with any questions that come up in the future. H&R BLOCK is here to help.Phil Amundsen Westchester District Manager(914) 686-4484

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