By Tiffany Pennamon, Editorial Intern
Small businesses are key links in the backbone of the American economy solely because they “create jobs, spur growth, and lead to innovation,” says Bonnie Lee, owner of Taxpertise. However, economic recessions take a harder hit on many smaller businesses than on larger corporations.
The Obama Administration created a series of tax cuts and credits to get small businesses up and running after the recession. Some of the deals have expired, but others have remained, helping small businesses flourish.
Here are the tax breaks that every small business owner should know of:
- Health Care Tax Credit (Part of the 2010 Affordable Care Act)
- Start Up Costs Raised to $10,000 (Part of the Small Business Jobs Act)
- Section 179 Expensing (Part of the Small Business Jobs Act)
- Bonus Depreciation
- Breaks For Angel Investors
- Cell Phone Deductions
- Limited Penalties on Tax Errors
Read the full article on the Fox Business: Small Business Center for more details on these tax break opportunities. Stay tuned throughout the week for a detailed description of each tax break.