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. |
