IMPORTANT TAX ALERT FOR BUSINESS OWNERS!
New Tax Incentives Under The Small Business Jobs Act
On September 27, 2010 President Obama signed into law the Small Business Jobs Act. As part of a larger bill, the legislation contains new (and extensions of existing) tax incentives for small businesses, including extended bonus depreciation, increased Code Section 179 start up expenditures, 100% capital-gains exclusion for “qualified small business stock,” reducing the holding period for avoiding S corporation built-in-gain tax, extending the carry back period for eligible small business credits, providing retroactive 6707A penalty relief for failure to report “listed” and “reportable” transactions, and allowing self-employment deductions for health insurance costs in computing FICA taxes.
Many of these tax incentives are time sensitive and some require affirmative taxpayer action during the 2010 taxable year to be eligible for the benefits. Please call Donna Hartl or Justin Clark for further information and details about taking advantage of the tax incentives offered under the Small Business Jobs Act.