If you desperately want a tax break, now’s a very good time to start looking.
OPEN Forum has a list of tax breaks that are expiring at the end of 2011, which gives you a little more than a week to save yourself a little money. These breaks are tied to everything from equipment to employees, so you should be in a position to at least try to capitalize. If you’re one of those folks who has their house in order and has a tax professional to lean on, now’s the time to spring.
In no particular order, here’s a slice of the full list:
Tax Breaks Set To Expire
- Work opportunity credit. Hire the right people, get a credit for it. If you can find the right candidate out of a pool of those who struggle to find jobs, you can earn yourself a nice little tax break. Give those resumes one more look.
- Donations. If you have old computer equipment that’s just sitting around, don’t junk it. Donate it and earn yourself a nice little break after the IRS gets its mitts on your cash.
- Deduct state and local taxes. Yes, you can still do this, but apparently this is the last time for a while. Make sure you squeeze every last drop out of your returns in this area.
Of course, there’s other deductions like Section 179 and bonus depreciation that are at least getting chopped in half at year’s end, so this is hardly a comprehensive list. It’s a great starting point, though, and I’d imagine every small business could use one of the deductions on there.
Which of these will your business be taking a look at?