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CPA News: Tax Law Changes for 2010

Author : Bill Gerber
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A number of new tax laws go into effect this year that will affect business owners and their tax accounting. Here’s a glimpse at some laws that will affect SMBs.

  1. Businesses can depreciate expenses at a rate of 50% in the first year they were acquired and placed in service for property purchased and used in 2010.
  2. Investors in qualified small business stock can exclude 100% of the capital gain when they sell the stock, if the stock was purchased after September 27, 2010 and before January 1, 2011, and was held at least five years before sale.
  3. Small businesses can carry back general business credits five years, rather than just one under previous tax law. General business credits may offset both regular income tax and alternative minimum tax.

How Can Your QuickBooks Certified Bookkeeper Help?
While your full-charge bookkeeping and accounting staff at AccountingDepartment.com does not take the job of your current tax accountant, they do play an important role in making sure you get all the deductions you are eligible for.

 

Accurate tax filing begins with accurate bookkeeping. When you trust AccountingDepartment.com to do your daily, monthly, and annual business bookkeeping, your tax accountant will have a clear record of what to deduct and what income to report. We will work with your tax accountant to provide the information they need to file your taxes accurately.

Because your data is stored in the cloud, if you give your tax accountant permission, he can even access your bookkeeping files easily—no files to email or flash drives or even paperwork to deliver. Everything stays in a digital format where it is secure.

If filing taxes in the past has been a headache because of sloppy bookkeeping, why not change all that now?

 
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