subject: Start Your Small Business Now, Before 2010 Tax Advantages Expire! [print this page] Start Your Small Business Now, Before 2010 Tax Advantages Expire!
Do you dream of owning your own business? There's no better time to start! If you've been wary to start your small business due to the economy, you've been missing out on a goldmine of tax advantages specifically tailored to entrepreneursand they're going to expire by the end of the year. So don't hesitate, and definitely don't make it your New Year's resolutionnow's the best time to start your very own small business, thanks to these great tax benefits:
A Big Deductible. In 2010 (and only in 2010), you can deduct up to $10,000 in start-up costs. That's twice the amount you could deduct last year (and will likely be much more than you can deduct next year)!
Huge Write-Offs. In your first year, you can write off 100% of up to $500,000 in equipment costs. You can write off 50% of all costs over that, thanks to the bonus depreciation cost.
Sell StockTax-Free. Between March of this year and January 2012, investors can sell stock completely tax-free, and any profit is exempt from the Alternative Minimum Tax.
A Little Help with Health Insurance. If you start a business in 2010, your company can take a 35% tax credit on health insurance premiums.
More Small-Business Loans. Just to help out entrepreneurs, the federal government has spent $30 billion to bolster small business loans. So check with your local bankchances are, they have the funds to help get your business on its feet.
Hiring Credit. Just by hiring a qualified worker, you can take a $2,500 hiring credit this year. Next year, you can take a $5,000 credit.
With tax benefits like these, starting a small business in this economy isn't nearly as impossible as it might feel. Check with your accountant or a tax professional to see if you qualify for the above benefitsor even more! Start a small business now, before 2010 and these amazing tax breaks slip away.
