Business writer, Barbara Weltman, has some good information on the upcoming tax season. Small businesses need to be aware of the constant changes to the tax code in order to prepare and take advantage of new rules.
There is an enormous amount of uncertainty about federal taxes for 2010 and 2011. Will proposed tax cuts, such as 50 percent bonus depreciation on equipment purchases, an extension of the research credit, and an increase in the deduction for startup cost for small businesses be enacted this year? Will the current tax cuts expire at the end of 2010, pushing personal tax rates for ordinary income and capital gains considerably higher in 2011 and eliminating special treatment for dividends? Amid this uncertainty, there are some new rules that will take effect in 2011 and they may impact your actions for this year.
Read her entire post with all the tips here, and then continue by following her @barbaraweltman