Monday, October 04, 2010

News of Interest: Background on the Small Business Bill

President Obama signed the Small Business Jobs Act, a bill that will give small businesses support and incentives to help them grow and hire.

And the bill includes eight new small business tax cuts – and applying to small businesses’ taxes for this year – providing an immediate incentive for businesses to make new investments and expand.

For example:
•  If you are a small business and you buy new equipment, you can immediately write off the first $500,000 of your investments;

•  If you are one of over one million eligible small businesses, key long-term investments in your company will be subject to zero capital gains taxes;

•  If you are an entrepreneur and take a chance on a new idea, you can deduct the first $10,000 of your start-up costs;

•  And if you are self employed you can deduct 100 percent of the cost of health insurance for you and your family from your self-employment taxes.
Read more details (including about tax cuts) here.

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