The tax laws change every year. The IRS has made headway by providing plain-English explanations on its website, but understanding these changes is no easy task for the small-business owner who doesn't routinely read up on tax law. Many of the changes are routine. The IRS annually reviews and adjusts deduction and tax credit limits based on inflation rates and other economic data. Other changes result from legislation often passed many years prior. Here are a few of the changes to tax laws that may affect small-business owners when they file in early 2013.
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With tax time just around the corner, small-business owners are in a good position to benefit from a slew of deductions. Whether it’s writing off computers and copiers, or deducting business use of an iPhone, knowing what deductions to take can reduce the money the IRS collects.