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Answer from our Guest Expert Peter Soh of - page 4

General Business Tax Write-offs

Here are a few general tax write-offs for small business owners everywhere!

Small Business Capital Gains Exclusion You may also be able to qualify for a wonderful tax incentive called the Small Business Capital Gains Exclusion. This incentive can exclude 50% of capital gains on stock sales if the company has less than $50M of gross assets on or after 1993, and shareholders have held the stock for 5 years. The capital gains subject to this exclusion are limited to $10M or 10 times the amount of investment. The long-term capital gains rate is 20%, it would effectively be 10%, if you qualify for this exclusion.

Excess Inventory If you haven't done so during the taxable the year, towards year-end, you can donate excess inventory to qualified, non-profit educational institutions or institutions that benefit the ill and needy. You could deduct the lesser of 50% of the inventory's markup or twice its cost -basis. If you're a sole proprietorship, donating household and business goods to a qualified chariety, such the Goodwill or Salvation Army, can be used as a tax write-off as well.

Good Tax Deduction/Write-Off Resources

These are just a sampling of the various tax write-offs businesses can use to lessen their tax burdens. For more information, I recommend some of these resources;

422 Tax Deductions for Businesses and Self-Employed Individuals by Bernard Kamoroff

Internal Revenue Service

American Institute of Certified Public Accountants

Hope this helps you! Best of Success!

Peter Soh of

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