Small Biz Tax Deductions In The Jobs and Lending Bill

This blog is more about SBA lending, but the recently passed “small business lending bill” also included some noteworthy tax deductions designed to help small businesses save money including changes to the following:

• increase in “expensing limits” to $500K
• carry-back provisions
• accelerated/bonus depreciation
• capital gains taxes for those who invest in small businesses
• deductions for health insurance costs
• limitations on penalties for errors in tax reporting

Here is a very good summary that covers the changes in great detail:

http://www.snrdenton.com/news__insights/alerts/president_to_sign_hr_5297.aspx