Its never a “good “ time to do taxes but there is a SILVER lining - here are some new deductions from an article in CNNMoney ( Catherine Clifford ) that I thought you should know about. I realize keeping up the books and checking your chart of accounts to be sure you have things in order (to be sure to prevent that audit) is not on the top of the business owners list. Health insurance deduction for self employed: Ms. Clifford asks: “Are you your own boss and paying for your own health insurance? Normally, you can deduct your insurance costs from your business profits, but you can't deduct those costs from your self-employment taxes. But in 2010, the self-employed can deduct their health insurance costs from their business profits for both taxes. Let's say Sally, an architect, makes $50,000 in net income and pays $6,000 for health insurance. In other tax years, Sally would pay income tax on $44,000 and self employment tax on $50,000, explained Karen Brosi, a federally licensed tax professional based in Palo Alto, Calif.” As with all things if you are in the Denver/Boulder area be sure to check with your advisor on local laws that might apply too. Bonus depreciation extension: Another great point from Ms Clifford;  “Did you buy a new building, new computer software or new office furniture last year? For 2010, there is an accelerated depreciation schedule: Like the Section 179 provision, the point is to get cash into the hands of small businesses quickly. (Sorry, if you bought a plot of land, that doesn't qualify.) Businesses that bought a qualifying item after Sept. 8 can claim 100% of its cost (so long as it is used before Jan. 1, 2012). Businesses that bought such items before Sept. 8 can claim 50% (so long as it is put into service before Jan. 1, 2013).” Depreciation on a business car or truck: The third point we thought would be helpful from Clifford -   “Did you buy a new car, van or truck for your business last year? Ka-ching! For 2010, business owners who buy and use a brand new passenger vehicle will depreciate much more than usual -- $11,060 for a car, and $11,160 for a light duty truck or van. That includes an extra $8,000 bonus depreciation, on top of the usual first-year depreciation. If you buy an SUV or heavy pickup, the rules are slightly different, said Brosi.” Now if you do most of your business as online marketing and online sales, take care with setting the basis for your usage.  I don’t know about you, but for me all these great tax savings, thinking about preparing your tax return and getting your books in order seems a lot more appealing.