New Tax Breaks for Small Business

 Recent health care and small business legislation could amount to a heftier 2010 tax refund to business owners. Credits plus capital investment and the cost of providing health insurance to employees are the items to pay attention to.

• Health Care Tax Credit-covering half of employee health coverage will yield a significant return.
• Health Insurance for the Self-Employed-insurance costs may be deducted from business profits and self-employment tax.
• The Section 179 provision-Up to $500,000 in equipment and software qualify as a write-off.
• Bonus Depreciation Extension-New equipment may be depreciated even if a business is in the red.
• Depreciation of New Company Car or Truck-an extra $8,000 is eligible for depreciation in addition to the first year depreciation.
• General Business Credit-Possible break on Alternative Minimum Tax

(Source: CNN Money)