Wednesday, October 13, 2010

New Legislation for Small Business

Stay up to date with our small business news alerts-With the current federal administration passing various new laws and changes existing ones, as a small business owner, it is very important to keep up with what’s happening in Washington. Just recently President Obama signed into law the Small Business Jobs Act of 2010 after it passed a majority vote in the House of Representatives. How might this new law affect you? Well, in many ways but I will try to highlight some of the most important here below.

First off, concerning health insurance coverage; the bill allows self-employed individuals to use the deduction cost of insurance of themselves, their spouse, dependents and children under 27 in calculating net earnings. This applies to post-2009 tax years. The bill also increases the maximum amount a taxpayer may expense for Section 179 expensing and bonus depreciation. Cell phones can no longer be defined as listed property. Penalties are also increased if you fail to file a correct information return. 

I hope to share more about recent and upcoming news that affects small business. If you are curious about something or have input, let me know. I will keep you up to date with any additional small business news as it becomes available. If you found this small business resource helpful, please send it along to your friends and colleagues using one of the social media or email buttons below!

(Image: Some rights reserved,  Kevin Dooley.) 

No comments:

Post a Comment