Reading many articles in the last few weeks on taxes and preparing my own small business for April 15 I came across this excellent article by Forbes Magazine titled “Last-Minute Small-Business Tax Tips“. In the article there were 15 pretty straightforward tips that can help your small business with the caveat that the IRS is looking for people to grab as many deductions as possible. In the event that you get audited, have all your paper trail itemized and in pristine condition. On upside to the stimulus package they point out is that small businesses are able “now to deduct as much as 100% of capital expenditures up to $250,000–up from a $125,000 limit prior to the new law.”
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