remain the backbone of our economy, so it stands to reason that small
businesses are the ones needed to ignite an economic recovery. While tight
business credit has many small business hamstrung right now, help may soon be
on the way. Last week the Senate passed a bill to create a $30 billion
small-business lending fund. According to the LA
Times, the bill offers $12 billion in tax breaks to businesses to encourage
investment, entrepreneurship, and hiring. Businesses also would be able to
write off more of their costs of buying equipment or making shop improvements.
Those who are self-employed could deduct health care costs from the
self-employment tax. The bill also would continue to waive SBA loan fees that
had been cut as part of the 2009 recovery package.
What does this mean
for you? If you own a small business, stay tuned. This legislation may help grow your business and minimize your tax burden.