Posted by: Colleen DeBaise on January 05 Here’s a welcome report for entrepreneurs this new year: President-elect Barack Obama’s massive stimulus plan is expected to include three key tax breaks for small-business owners. Details are still emerging, but the plan could include a longer window for businesses to “carry back” losses; an incentive to invest in machinery, equipment and other capital improvements; and a tax credit for job creation. How soon can that get money into your hands? Faster than you might imagine. I spoke with Barbara Weltman, a tax attorney in Millwood, N.Y., who says an extension of a carry back period for losses could significantly help businesses that had been profitable in years past, but struggled in 2008. Here’s how it might work: If you experienced a downtick last year, you can claim a net operating... [read full story]
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