New Business Accounting - Bookkeeping and Tax Laws For 2010 Below are just a few of the changes in the tax code for 2010 that affects small businesses. As with any tax issues you should always consult your accountant or the IRS website before taking any deduction to confirm you qualify. The majority of what is new for 2010 are carryovers from tax laws that were changed during the economic turmoil in 2009. Here are just a few that have affected my clients here in Las Vegas: 1st time homebuyer & home based business tax credit 1st time homebuyers that also run a small business from their home are eligible for the $8000.00 1st time homeowner tax credit until April 30 2010, please consult your tax advisor or the IRS website to see if you qualify. New Mileage rates for small business and Non profits Starting January 1st 2010 mileage rates will be reduced some as follows: • 50 cents per mile for business miles driven • 16 cents per mile for medical transportation or moving miles driven • 14 cents per mile for miles driven for a charitable organization Cancellation of Business Debt This law is a carry over from a law passed in 2009 in the Recovery & Reinvestment Act of 2009. It in its simplest terms states that a company can delay the recognition of cancelled business debt in 2009 & 2010. There is some fine print to this please refer to the IRS website or your tax advisor for all the details. These are just a few of the many new tax laws that have been implemented for 2010, it is best advised to review all the new laws and understand how each will effect you business. [Tax Help Everett WA](https://everetttax.com/)