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Small business tax cuts to take effect in 2013

If you own a small business and have yet to do your taxes, the U.S. Small Business Administration has some good news.There are 17 small-business tax cuts already signed into law and an additional five are proposed for 2013, the Tri-City Herald reports.

"These tax cuts are available to all types of small businesses, from main street shops to high growth startups," said Calvin W. Goings, assistant associate administrator for the U.S. Small Business Administration, in a press release.

Some of the tax cuts are:

•Start-up entrepreneurs can deduct $5,000 for start-up expenditures.

•If you have bought new equipment, you can write-off a larger portion of the cost of that new equipment this year rather than depreciating the cost over time. The maximum amount a small business can expense on new.

•Tax credits are available for starting or continuing to provide health insurance coverage for your employees, and this applies even if you are self-employed.

•Starting in 2010, the process for deducting the cost of your cell phone and monthly bills was vastly simplified.
For more information, contact the local district office in Washington at sba.gov.<a href='http://www.sba.gov/'>sba.gov</a>




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Scott Maben
Scott Maben is a Deputy City Editor who covers North Idaho news.

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