On Sept. 27, 2010, President Barack Obama signed into law the Small Business Jobs Act of 2010. In addition to provisions intended to improve access to capital by small businesses and to encourage exporting, the new law contains $12 billion in tax breaks to help businesses and purportedly inspire or make it easier for them to hire workers. The act does not contain any direct tax incentives for hiring. Here is a roundup of the provisions that may be helpful to certain businesses and their owners.
Write-offs
Businesses may be able to deduct entirely or at least substantially accelerate write-offs for the cost of certain equipment or some specific capital improvements rather than having to depreciate them over a number of years. These breaks apply regardless of how the purchase is financed; they can be claimed whether the equipment is paid for up front or financed in whole or in part.
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