Recovery Act Tax Benefits for Business

Tax News from The Small Business Advocate, Published by the Small Business Administration:

The IRS has made information videos about Recovery Act tax credits available on YouTube (www.youtube.com/irsvideos), as well as podcasts on iTunes. The IRS.gov official web site also contains links and complete information about Recovery Act tax provisions at http://www.irs.gov/recovery. The videos are available in English, Spanish, and American Sign Language versions.

Topics covered include:

• The first-time homebuyer credit which provides a maximum $8,000 tax credit to people who meet eligibility requirements and complete the purchase of their homes before December 1;
• The American Oportunity Credit expands education tax credits to $2,500 for tuition and a change in 529 plans allows for the purchase of computers for college;
• The energy credit expands to a maximum of $1,500 for certain energy-saving upgrades;
• A new deduction for the sales or excises taxes paid on the purchase price of new vehicles; and
• The Making Work Pay tax credit, which many American workers received in April through reduced tax withholding in their paychecks. The credit is $400 for single taxpayers who meet certain income guidelines. (However, some people, such as married spouses, workers with two jobs, pensioners, some Social Security recipients and dependents, should check their tax withholding to ensure they are having too little withheld.

Two Upcoming Workshops

Still puzzled trying to piece together your thoughts, ideas, plans, and requirements for your new or soon-to-be business? The Winthrop Regional Small Business Development Center in Rock Hill, SC is offering two workshops in the month ahead that may be of help.

Upcoming on October 19th is an all-day seminar that will be helpful no matter how far along you are in your business plans, and especially helpful if you've already opened the door on your new business: The FREE IRS Tax Workshop will be providing important tax information for new entrepreneurs as well as existing business owners. Speakers will include a CPA and representatives of the SC Employment Security and the SC Department of Revenue. The seminar will be held in the Thurmond Building (College of Business) at Winthrop University, Monday October 19th in Room 415 from 9 a.m. to 3 p.m. If you're in business, you shouldn't miss this ..... it's relevant for every business owner.

And if you are quite sure what kind of business you want to go into, but you're pretty sure that you don't want to start from the ground up on your own, you might be interested in looking at a franchise business as the way to go. "Why Franchising Is A Viable Option In Today’s Economy," a 2-hour workshop, will be held Monday, November 9th in Room 212 of the Thurmond Building (College of Business) at Winthrop University, 6-8 p.m. This free workshop will be facilitated by Doug Stout of The Entrepreneur's Source. Mr. Stout works with individuals who are looking for options that may include purchasing and running a franchise, "typically those who are

1) Interested in new challenges

2) Frustrated with their current job or career path

3) Unemployed due to downsizing, right sizing, or capsizing

4) Considering a career transition

5) Wanting to develop an alternative source of income

6) Interested in doing something they love

7) Looking to pursue their dream of self-employment

8) Sold their business and considering their options"

If becoming a franchise owner is something you'd like to know more about, this workshop is for you!

To register online for either of these workshops, please go to the registration page on our main web site.

We hope we'll see you there!