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There were a few tax breaks put in place this past fall that may greatly benefit your business when preparing your tax forms. According to an article regarding these benefits, one of the most rewarding of these is that you can write off all asset and equipment purchases made the same year that they are bought. The limit initially for all asset and equipment purchases was up to $250,000. In 2010, the limit was increased: from $250,000 – $500,000.

Other tax breaks include doubling the write-off of start-up costs, deducting health insurance, and the extension of the COBRA credit. There used to be a limit as to how much a business can claim for a credit in the amount of any qualified research. With the implementation of the Alternative Minimum Tax Relief Act of 2008, the Federal Research Experimentation Credit has now been liberalized. Many businesses were unaware that a limit was even in place, and didn’t proceed with the necessary steps. This tax relief should open up more business opportunity for various types of companies.

Important Tax Preparation Services To Consider

In order to determine if these tax breaks can benefit your business, it is strongly advised that you speak with a certified public accountant (CPA) who is specialized in this type of tax preparation. Near Pomona and Redlands, the professionals at GYL Decauwer, LLP are ready to help you learn of your options. Although you may be informed of the new tax breaks, it is best to consult with accountants who have the proper training and knowledge.

If you would like to learn if your business qualifies for the latest tax breaks, schedule an appointment to speak with a qualified accountant at GYL Decauwer to help navigate through a tax audit, tax planning and even accounting outsourcing. To view a complete list of accounting services offered by GYL Decauwer, visit the accounting services page for more details.