Kansas.com: Business
Year-end tax planning isn't just about making sure that you write a check to a soup kitchen before Dec. 31 to get a deduction for a charitable contribution for 2007. For businesses, it's also a time to review complex tax rules and strategies. Here's a look at some potential tax breaks: • Small businesses can find a tax break in the Section 179 Deduction. This tax break has gotten bigger in recent years, so more sole proprietors, partnerships and corporations may want to review Internal Revenue Code Section 179 to write off capital expenditures immediately in the year the item is bought. Accounting experts say this could be a particularly good deduction for small businesses and startups.