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life in rural nebraska

2010 Microenterprise Tax Credit

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Tax season is just barely a month away.  For those of you interested in filing for the Microenterprise Tax Credit, you can earn up to $10,000 back for your small business.  The rules of the road:

The Microenterprise Act has $2 million available for each calendar year through December 31, 2015 to provide tax credits to applicants for creating or expanding microbusinesses. The total lifetime tax credits claimed by any one taxpayer and any related person(s) are limited to $10,000.

An individual may file another Microenterprise Application after the first two year application period has ended. The individual may claim no more than the difference between the $10,000 lifetime limit and the pending amount previously requested.

Remember folks, there is a lifetime cap of $10,000 per applicant, and it is *first come first serve*.  These funds run out around March, so talk to you local accountant and get yourself prepared.

Details of the Microenterprise Tax Credit can by found at the Nebraska Department of Revenue or by clicking here.

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Written by Caleb

December 22, 2009 at 6:32 pm

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