Business

IRS urges small businesses to take advantage of one-time tax breaks

NEWS IN BRIEF — Posted June 8, 2009

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Physicians who are small-business owners may be able to improve their bottom lines via several tax provisions in the American Recovery and Reinvestment Act, but time is limited, according to an Internal Revenue Services statement.

The recently passed stimulus law extends the 50% depreciation allowance on new business-related property and equipment through the end of this year. Up to $250,000 of the cost of qualifying purchases can be deducted in 2009, using form 4562.

Small businesses that took in an average of less than $15 million in annual gross receipts for the past three years and lost money in 2008 can carry losses back for up to five years, instead of the usual two. This could lead to a special tax refund. More information is available from the IRS (link).

Note: This item originally appeared at http://www.ama-assn.org/amednews/2009/06/08/bibf0608.htm.

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