The recently signed legislation is intended to provide more funding for small businesses and cut their taxes. $30 billion dollars has been allocated for small business loans.
I applied for an SBA loan in 2000 as a sole proprietor and obtained funds to buy an office and equipment. It worked and it is time to try again!
In the bill, there are provisions which may be of benefit to your business. Deductions will be treated differently and tax credit provisions may also help you.
The new law also allows cell phones to be expensed at their full cost if certain conditions are met.
Setting up your business takes money. This new law allows start-up expenses to be deducted up to $10,000. These provisions are a positive change but will it make a difference if a sole proprietor has to compete with a newly defined small business?
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