Few tax changes ahead for small business

Analysts and law-makers are expecting fewer changes to the tax laws in 2004. Among the key changes affecting small business taking effect in 2004:

• The deductible cost for operating a car for business purposes increases to 37.5 cents per mile.
• Higher contribution limits for a variety of defined contribution retirement plans.
• Expect the upfront deduction for purchase of new equipment to be adjusted for inflation from the current $100,000. (exact amount uncertain)

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