When filing, you can’t forget to include that information. Before you even officially declared your idea a business, you had to pay for incorporating and accountant or attorney consultations. You may have used your own money to start your business in 2015. “These two tax breaks are huge for small business, and could be used to help many American businesses to grow.” Remember your own funds you invested “Then bonus depreciation will phase down to 40 percent in 2018 and 30 percent in 2019,” Melwani says. The second tax break, called 50% Bonus depreciation, lets businesses “depreciate 50 percent of the cost of equipment acquired and put in service during 2015, 20,” according to. The first, Section 179, states that small business owners are able to deduct a maximum of $500,000 for the purchase of equipment and other assets for 2015. Passed by the House of Representatives and the Senate late last year, the act gives small business owners two very large tax breaks. Don’t overlook new tax breaksĪccording to Anil Melwani, a certified public accountant and founder of 212 Tax and Accounting Services in New York City, small businesses should look into the Protecting Americans from Tax Hikes Act of 2015. Here are several-some new for 2016-may not have realized you could use this year. By April 18, you’ll want to make sure that everything is squared away.Īside from the standard write offs for businesses, there are numerous breaks that you should be taking advantage of. This year, thankfully, the IRS is giving us all more time to file. It’s that time when you’re sending out income forms to all your employees and contractors, going over your expenses, and finding an accountant to help you meet the IRS deadline.