NFIB

3 Deductions You Don't Want to Miss
03/ 28/ 2002

by John Shiffman

There are all sorts of nitty gritty deductions and other tax avoidance measures businesses might be missing. Here are a few you may want to check out:

1. The dollar amount of equipment that can be written off in the same year it was purchased is up to $20,000 (from $19,000 in tax year 1999) and may be hiked to $22,000 or $24,000 this year.

2. Premiums for long-term care insurance may now be treated as health insurance deductions with specified age limitations, such as $200 for people 40 and under on up to $2,500 for people over 70.

3. Work-opportunity credits that expired June 30, 1999 have been extended through December 31 this year. This tax break goes to companies that hire employees in certain disadvantaged groups. You can get a credit of up to 40 percent of the employees' first year wages for working 400 or more hours. You get less amounts for fewer hours.

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This article originally appeared in the March/April 2001 issue of MyBusiness Magazine, NFIB's member magazine.

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