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Last-Minute Ways to Save on Your Taxes

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This story appears in the April 2012 issue of Entrepreneur. Subscribe »

Tax BreakTax day this year falls later than usual, on April 17. Small-business owners might use those extra 48 hours to make sure they've applied these 2011 tax breaks.

Bonus : This allows businesses to recover the of capital expenditures over time, according to Sandy Abalos, managing partner of Phoenix accounting firm Abalos & Associates. Qualifying expenditures--including leasehold, restaurant and retail improvements, placed in service after Sept. 8, 2010, and before Jan. 1 of this year--enjoy a first-year depreciation deduction equal to 100 percent of the expenditure, up to $500,000. The deduction drops to 50 percent in 2012.

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