SIX NEED TO KNOW TAX DEDUCTIONS FOR SMALL BUSINESS OWNERS:

New Hire Retention Credit An employer may receive a credit of up to $1,000.00 for each eligible employee.
Small Business Health Care Tax Credit Small business employers who pay at least half of employees’ insurance premiums may be eligible for 35 percent credit of premiums paid.
Section 179 Deduction Enables small businesses to deduct up to $139,000.00 of machinery, equipment, vehicles, furniture and other qualifying property.
Bonus Depreciation Enables businesses to deduct half the cost of qualifying property in the year it is placed in service.
Retirement Savings Contribution Credit Taxpayers have until April 17, 2012 to set up a traditional IRA or contribute to an existing one and still have it count for 2011.
Standard Mileage Rate Increases The mileage rate for business miles driven increased to 55 ½ cents a mile effective June 30, 2011.