In 2010 President Obama signed into law The Small Business Jobs Act of 2010. This enables businesses to write off the entire purchase price of equipment without depreciation. You can deduct the entire amount, up to $500,000 from your 2012 Taxes. This law is being reviewed year to year as stimulus and is not expected to be unchanged for 2013.
Take advantage of the ability to instantly receive this incentive in 2012.
What does this mean for you?
Assumptions: Head of Household Earning $46,000-$125,000 a year 25% tax rate or comparable Corp Tax Rate
Small Business Jobs Act Explained
The Small Business Jobs Act was a piece of legislation signed into law by President Obama in 2010. The Act aimed to help small businesses by providing them with tax breaks and easier access to credit. It also increased the maximum loan size for SBA loan programs.
Here’s a closer look at the benefits included in the Small Business Jobs Act:
- Tax Breaks: The Act included a number of tax breaks for small businesses, such as increased expensing limits and the elimination of the alternative minimum tax for qualifying businesses.
- Easier Access to Credit: The Act made it easier for small businesses to obtain loans by increasing the maximum loan size for SBA loan programs.
- Expected Job Creation: The Small Business Jobs Act was expected to help small businesses create new jobs by providing them with the resources they needed to grow and expand.
Overall, the Small Business Jobs Act was a significant piece of legislation that provided much-needed relief to small businesses. The Act’s tax breaks, easier access to credit, and other provisions helped small businesses create jobs and grow the economy.