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2010-12-10CHILLICOTHE, MO | By: Wayman
A federal bill recently passed has a laundry list of tax deductions and other benefits for business owners as we approach the end of the calendar year. Some of these include writing off up to half a million dollars in investments, a new $10,000 deduction for start-up costs, a 50% bonus depreciation for 2010, and a 5 year carry back for general business credits. The legislation also opened up better loan terms through the small business administration. Steve Holt is the director of the Small Business and Technology Development Center in Chillicothe. He's trying to spread the word about the new benefits before taxes are done, and says by helping our local employers it can help our entire region. Holt urges small business owners to ask their individual accountants and tax preparers about the specifics of the small business bill.