Small Business Companies Must Know the Latest Tax Changes
With the American Recovery and Reinvestment Act of 2009 (the stimulus bill) came some new changes to tax law that could help small businesses. Knowing these changes is your responsibility. Hopefully they will serve to help you save money this year. Your accountant should be fully briefed on the new laws and regulations and their implications, but just in case he or she isn’t, be sure to ask about the following:
- Purchasing deductions
- Bonus depreciations
- Vehicle deductions
- Alternative minimum tax
- Estate Tax
The changes to tax code this year are designed to help small businesses stay afloat. They offer such benefits as doubled first-year deduction limits, doubled depreciation deductions, higher write-off levels for vehicle purchases and more. How current he or she is with the latest tax code is an excellent judge of a good accountant, so be sure to ask about these issues and listen carefully to the answers—they could affect your business or a long time to come.
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