This year, delaying taxes can be particularly costly

This year, delaying taxes can be particularly costly Don't wait to tackle taxes this year, or your small business may miss out on credits that would lower your 2009 tax bill or face a delay in getting much-needed cash from a refund.

California's new hiring tax credit, for example, awards as much as $3,000 per qualified new employee to small businesses that ended 2009 with more full-time workers than they started. But the $400-million program ends when the money runs out.

And although the federal government -- and, as it stands for now, California -- won't run out of money for tax refunds, why wait to get the cash? The later you file, the longer it will take to get your money.

More small businesses may end up qualifying for refunds for 2009, and even for prior years, as the effects of the recession triggered potential tax savings.

Companies that lost money last year or had debts forgiven, for example, qualify for certain deductions.

"You are definitely going to see a lot of companies taking advantage of that -- that's why the government enacted the rules, so it could help get money back into those struggling businesses and potentially create jobs," said Michael Kaplan, tax partner at accounting firm Miller, Kaplan, Arase & Co. in North Hollywood.

A small business that posted a loss in 2009 can apply that loss against profit made in prior years and earn a federal refund by filing an amended return. Given that many businesses were profitable until last year, that strategy is likely to be popular, experts say.