Congress let two significant small business tax breaks expire at the end of 2013. These were:
— The 100% exclusion from capital gains of sales of “qualified small business” stock. A 50% exclusion remains, and the rest of the gain gets ordinary capital gains tax treatment. See http://www.martindale.com/investments-law/article_Foley-Hoag-LLP_2041816.htm for details.
— Equipment costs of up to $500,000 per year could be deducted from business income until the end of 2013. This tax benefit, plus “bonus depreciation” on up to 2 million per year of equipment, applies for purchases in 2012 and 2013, but has expired for 2014, leaving less money available for new investment in US businesses. For details, see http://www.dornc.com/taxes/individual/section179_adjustment.html