Don’t Miss These Tax Changes:

How to take advantage of the new legislation affecting your small business.

By Mark Henricks |   January 4, 2011

Confused about what to do as you gather your boxes of receipts and prepare for the dreaded tax deadline in the coming months? This past year has brought several tax changes affecting small business owners, capped by President Obama’s Dec. 17, signing of the tax-cut extension law.

Even as you prepare your 2010 taxes, consider also looking ahead to make investments in equipment or other fixed assets before Dec. 31, 2011. TheSmall Business Jobs Act enacted in September doubles the Section 179 expense limitation to $500,000 for fully writing off fixed assets the year they were acquired. This specific tax break is applicable to 2010 and 2011 tax returns. Eligible investments include office furniture and equipment, machinery and computer software. Another provision from the same law allows 100 percent writeoffs of up to $250,000 of qualified real property such as leasehold improvements and some restaurant and retail improvements.

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