Maximizing newly available tax credits

3/13/2011

With the economy still on the mend, small business owners are looking to offset costs anyway they can. Fortunately, a number of recently implemented government policies are providing entrepreneurs with additional benefits through tax credits, AOL reports.

Most notably are the Small Business Health Care Tax Credit and the Small Business Jobs Act. For the Small Business Health Care Tax Credit, qualifying entrepreneurs must run companies with fewer than 25 full-time employees and pay for 50 percent of the benefits for these employees. Solo entrepreneurs may be eligible for the Small Business Jobs Act credits, which provide deductions for startup expenses and tax cuts.

"Tax season is in full force, which means most small businesses are seeking tips and advice on eligible write-offs," notes the source.

While small business lending requirements are slowly easing, entrepreneurs should be sure to maximize whatever tax credits they can get. Small business owners can also write off or defer payments of other expenses, such as newly purchased vehicles and equipment, if they need to.