Tax breaks in the new small business bill

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!

Related posts:

• Senate uses Form 1099 as political bludgeon, fails to fix reporting problem
• Tell the IRS what you think about the new Form 1099 reporting requirement
• Limited small biz capital gains tax break
• Senate tax extender changes: homebuyer credit extension, easing S Corp taxes?
• Carried interest slows extenders vote
• Home office tax pros and cons
  

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