It’s tax season! Do you know all the tax credits that might benefit you?

Many small businesses don’t realize that 17 small business tax cuts have already been signed into law and an additional five small business tax cuts are proposed for 2013. These tax cuts are available to all types of small businesses, from main street shops to high growth startups.

As Assistant Associate Administrator of the U.S. Small Business Administration, I travel throughout Washington and meet with small business owners.  Many small businesses don’t realize that 17 small business tax cuts have already been signed into law and an additional five small business tax cuts are proposed for 2013. These tax cuts are available to all types of small businesses, from main street shops to high growth startups.

How can your business benefit THIS YEAR in tax breaks?

Are you an investor in a small business?

Some capital gains have been fully eliminated on certain small business stock, which provides an incentive for financiers to invest in qualified small business. Capital gains on investments held more than 5 years in qualified small businesses are 100% exempt for the 2012 tax year.

Are you a start-up?

Start-up entrepreneurs can deduct $5,000 for start-up expenditures.

Are you a small business owner that has purchased new equipment?

If you have bought new equipment, you can write-off a larger portion of the cost of that new equipment this year rather than depreciating the cost over time. The maximum amount a small business can expense on new equipment has been raised to $560,000 in 2012, up from $250,000 in 2009.

Businesses can also write-off the cost of their equipment purchases more quickly by allowing up to 50% bonus depreciation in the first year of an investment.

Are you a small business owner that provides health care to your employees or to yourself?

Tax credits are available for starting or continuing to provide health insurance coverage for your employees, and this applies even if you are self-employed.

Have you been in business for up to 5 years?

You may “carry back” your business credit up to five years to offset taxes and assist in difficult economic times.  Businesses can apply their 2011 credits to previous tax payments going back to 2006.

Are you a small business owner that uses a cell phone?

Starting in 2010, the process for deducting the cost of your cell phone and monthly bills was vastly simplified.

As you can see, there are a lot of tax cuts that small businesses can benefit from this year. Please be sure to stay tuned to what the SBA is doing to assist small business, helping them start, grow and create an economy built to last.  Follow us on Twitter www.twitter.com/SBAPacificNW and on Face Book, www.facebook.com/SBAPacificNorthwest or contact the local district office in Washington at www.sba.gov.

More in Business

Railroads implementing positive track

While the investigation continues into the deadly AMTRAK derailment near Dupont, the clock continues to tick on the implementation of Positive Track Control (PTC). The deadline is Dec. 31, 2018.

Keep the holiday spirit all year long | Don Brunell

During the holidays, our thoughts naturally turn to giving — not just giving gifts, but donating our time and money to charities, disasters and community programs.

Finding balance in occupational licensing

Recently, the Institute for Justice (Institute) determined state licensing barriers for lower-income workers and aspiring entrepreneurs not only hurts people trying to establish themselves in a profession, but annually drives consumer prices up by $203 billion.

Remember 1993

Twenty-five years ago, business took a beating in Olympia. The swing to the left in the 1992 general election was swift and potent. It drove higher costs to employers and more government regulations.

Remembering Ed Carlson, Vietnam POW

Since last Veteran’s Day, Ken Burns’ in-depth documentary on the Vietnam War has aired. It is a powerful reminder of an unpopular war in which many “baby boomers” fought and died.

Rural prosperity essential to Washington

While Seattle is growing rapidly, our rural areas continue to struggle. They don’t have the corporate giants such as Amazon, Microsoft and Boeing creating jobs and economic opportunities. Farms are predominantly family-owned.

Amazon’s plan reminiscent Boeing’s Chicago move

Last year, Seattle Times aerospace reporter Dominic Gates wrote about the similarities and differences between Boeing’s corporate office move to Chicago and Amazon’s plan for a second headquarters.

LiveLocal98022 meeting cancelled

Bob Green, the night’s speaker, notified the organization he couldn’t attend due to an illness.

Expanded Panama Canal among challenges for Washington Ports

The $5.4 billion spent to expand the Panama Canal is paying off for East Coast and Gulf of Mexico seaports; however, it is putting more pressure on the Northwest to remain competitive.

Players taking a knee hurting the NFL | Don Brunell

On a recent Saturday afternoon in Portland, a young woman stepped onto the playing field at the beginning of the University of Montana vs Portland State football game and started singing our national anthem. She immediately drew a blank on the words and briefly stopped, but as she started apologizing, the fans spontaneously took up the singing.

New metal collecting machine may clean up contaminated waters

There is a new machine being tested in Montana which could decontaminate toxic mine tailings while recovering valuable precious minerals for everyday use.

Workshop will focus on business, social media

All are invited to learn how social media can impact business and how it can be used to create a positive experience for customers.