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Senate weighs tax breaks for small businesses

from The Associated Press via Inc.

A bill that would revive substantial tax breaks for small businesses is awaiting approval in the Senate. The House recently passed the Tax Increase Prevention Act, which among other things would raise to $500,000 the amount small businesses can deduct for 2014 purchases of equipment like trucks, machinery, computers and furniture. The deduction had fallen to $25,000 this year from $500,000 in 2013. Small businesses have until Dec. 31 to buy equipment and get it up and running to claim the deduction. more

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