Big Ticket Purchases: The tax Increase prevention act passed in the year 2014 has extended more than a half century tax breaks for small business.

The section 179 expensing is one of such the tax breaks which can be applied for the capital purchasers in 2014. Another tax break was a 50 percent of bonus depreciation. With bonus depreciation, a company can reduce its half of the capital purchases in the initial year of the business.

Deductions On Expenses: Its painful to deal with the actual tax code but understanding deductible expenses is a profitable idea. Tax code actually helps small businesses to deduct the expenses that are incurred during the business period.

Classify Your Workmen: It’s a very tricky task to manage a small business. Hence, it needs corporation of all the employers from senior level to the juniors. The finest thing that can help you to tackle this problem is, you have to encourage your senior employees and assign responsibility to lead the team efficiently.

But be cautious while handling big project and sometimes its mandatory to keep a check on the assigned responsibilities personally.

Read More: Indian Banks Late In Passing On Lending Rate Cuts: IMF

2015: A Year For Tax And Investment Planning