Time to start [preparing for 2010 and 2011 tax issues…the IRS never sleeps! Here are a few small business tax items that may apply to you. Talk to your CPA about them.
Deduction for Start up Expenses Increased.For 2010 only, the amount of start-up expenditures deductible in the current year increased to $10,000.Any remaining start-up expenses can be deducted ratably over 180 months.
Self-Employed Health Insurance Deduction. For tax year 2010, health insurance costs for a self-employed taxpayer and his family are deductible in computing 2010 self-employment tax.
Small Employer Health Insurance Credit.For 2010 through 2013, the health care act provides small employers with a tax credit for providing health insurance for their employees.The credit is limited to businesses with no more than 25 full-time employees with annual full-time equivalent wages averaging no more than $50,000.
More to come. It’s time to start your tax planning.