Monday, April 09, 2012

Tax day is upon us

Some last minute things to think about: A small business may be able to recover the cost of capital expenditures including leasehold improvements that were put in service after Sept. 8, 2010, and before Jan. 1, 2012. These may qualify for a first year depreciation deduction of 100 % of the expenditure, up to $500,000.

Businesses with fewer than 25 full time employees making an average of less than $50,000 per year are eligible for a health insurance credit, with a maximum credit of 35 percent. A business is eligible for a credit equal to 6.2 percent of wages, up to $1,000 per employee for each full time employee hired after March 18, 2010, and retained for at least 52 consecutive weeks.

If your business is a corporation and you already filed the return due March 15, you may be able to file an amended return to claim any tax breaks you missed. This information is from public sources. Good management takes advantage of every legal tax advantage available. Be sure to speak with your CPA about these valuable tax credits.

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