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Minimizing Tax Liabilities for Small Businesses - PowerPoint PPT Presentation

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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

Rosemarie Klotz

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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.

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Tax Tip #2

Rehabilitation credit available for restoration of qualified business buildings and certified historic structures…

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Tax Tip #3

Disabled access credit for bringing facilities into compliance with the Americans with Disabilities Act.

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Tax Tip #4

Credit for providing low income housing.

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Tax Tip #5

Credit for developing orphan or generic drugs.

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Tax Tip #6

Credit for using alternative fuels.

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Tax Tip #7

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

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Tax Tip #8

Energy credits for construction of energy efficient homes, manufacture of energy efficient appliances, and more.

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Tax Tip #9

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

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Tax Tip #10

Credit for pension plan start-up costs. (Plan contributions funded by employer are also deductible).

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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.

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Tax Tip #12

Credit for employer-provided child care facilities and services.

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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.

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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.

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