The new federal minimum wage law has gone into effect. This legislation may increase your costs if you hire minimum-wage employees, but it also includes several tax breaks that can help offset your higher payroll costs.
According to Entrepreneur magazine, the Work Opportunity Tax Credit (a credit for 40% of the first $6,000 paid to a new employee from qualifying groups) now applies to many disabled veterans, seniors, and workers in population-losing rural areas.)
Also, a non-wage related deduction is also part of the new law: Section 179 deductions have been increased. You can now take an immediate write-off on new equipment (in lieu of depreciation) of up to $125,000 this year.
Make sure your tax preparer is aware of these changes when tax time rolls around.
And on a related note, the IRS offers a handy Small Business Tax Calendar on its website.