Mar 14, 2010

The Best Tax Breaks for Small BusinessBy Emily MaltbyOnline.WSJ.com

It’s tax crunch time again. From March 15, when some corporations file, to the April 15 deadline for individuals, small-business owners are busily organizing their receipts and books—and looking for as many tax breaks as possible.

But when filing small-business taxes, mind that the devil is in the details, warns Roni Lynn Deutch, author of “The Tax Lady’s Guide to Beating the IRS and Saving Big Bucks on Your Taxes.” “You’re not a doctor or a dentist and also a tax attorney,” she says. “There are over 75,000 pages of tax code.” It’s wise to seek professional advice, and make sure to supply your adviser with records of any changes in your business, from staff layoffs to equipment purchases, she says.

Here’s a list of some of the best tax breaks for small businesses.

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