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IRS Offers Tax Loopholes For Small Businesses

Written by Ken Gaebler
Published: 5/18/2011

IRS webinar provides pertinent information about taxes for small businesses.

News for small business owners rarely explains how to balance decisions about daily operations against obligations imposed by federal tax laws.

IRS Offers Tax Loopholes

The Internal Revenue Service has set up a webinar to explain how to juggle these issues during Small Business Week, occurring May 16-20.

"When you're running a business, you don't need to be a tax expert, too. But you do need some basics to stay tax compliant so your business can thrive," said Faris Fink, IRS commissioner for the Small Business and Self-Employed Division. "There are many tax credits and deductions currently available. So now is a good time to learn about the tools and services the IRS offers."

In addition to the education the webinar offers, the IRS is urging small businesses to take advantage of tax-saving opportunities when they file their 2011 returns.

According to AccountingToday, The small business healthcare tax credit is designed to encourage small businesses and tax-exempt organizations to offer health insurance to their employees for the first time.

Plus, small businesses that invest in new property and equipment can deduct most of those purchases from their returns and recover their investments sooner through the Depreciation and Amortization from 4562.  

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