While Congress can't agree on individual tax law legislation, the House and Senate did send a small business bill to the White House. Obama signed the Small Business Jobs and Credit Act into law earlier today.
Among the key tax provisions are:
- Extension of bonus depreciation
- Expanded Section 179 expensing
- Increased start-up costs deduction
- Five-year carryback for general business credits
- A health insurance deduction that will reduce self-employment taxes
It's late, so rather than reinvent the wheel and elaborate on these and other tax provisions in the latest small business bill, I defer to folks who specialize in small business taxes … and who have already done the work!
You can find good detail on the small biz tax measures from:
Dean Zerbe, Forbes' Taxdude, who answers the question Small Business Bill -- What Do Business Owners Need to Know to Cut Their Taxes?
Eva Rosenberg, the TaxMama.com writing this time for MarketWatch about New tax breaks for small businesses,
Paul Caron, the TaxProf Blog guru who tells us President Obama Signs Small Business Tax Bill, and
Joe Kristan who got a bit of a head start at Tax Update Blog with Extended bonus depreciation, $500K Section 179 deduction await President's signature.
Thanks to my tax blogging colleagues for making my life easier and letting me get to bed tonight at a more decent hour!
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- Limited small biz capital gains tax break
- Senate tax extender changes: homebuyer credit extension, easing S Corp taxes?
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- Home office tax pros and cons
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