The recently passed Tax Relief Act of 2010 has many tax breaks that affect both individuals and businesses.
CCH has released an awesome 11-page free report that provides all the details. The first 5 pages are all about personal tax law changes. The remaining 6 pages explain several tax breaks for businesses, such as –
- Section 179 Deduction – so you can kiss depreciation goodbye
- 100% Bonus Depreciation – if you don’t use Section 179, use this instead
- Tax-free Gain on Small Business Stock – find out how to sell your business and pay zero tax on the profits
- Transportation Benefits – a great perk to offer your employees
- Work Opportunity Tax Credit – find out how to get a credit of up to 40% on wages paid to certain targeted employees
- Business Tax Extenders – 18 rather obscure tax breaks
- Energy Incentives – another list of little-known tax credits
- Charitable Incentives – special breaks for businesses who make charitable contributions
Here’s the link to this free Special Report – it’s a PDF file that you can download or open in your browser –
http://tax.cchgroup.com/downloads/files/pdfs/legislation/bush-taxcuts.pdf