Cash Flow Planning for Life - Helping you reach your personal & professional financial goals.

Cash Flow Planning for Life

Helping you reach your personal & professional financial goals.

So you are getting ready for some year-end tax planning this year…

…but are you keeping in mind the Small Business Jobs Act of 2010?

You should definitely know about this act, as it will be affecting you.

The new law increases the maximum start-up expenses deduction from $5,000 to $10,000 and it also increases the phaseout rule from $50K to $60K.

If you are self-employed then 2010 is a great year for you.

Any self-employed individual can deduct health insurance premiums on their Schedule-C rather than page 1 of their 1040.

This will save the FICA taxes that would have been subject to taxation prior to 2010.

You can also speed up any capital expenditures planned for the 1st quarter of 2011 by placing them in service by December 31, 2010.

You’ll gain the advantage of bonus depreciation and IRC section 179 expensing.

Find out all the year end tax planning tips in my free ebook: 17 Year End Tips for 2010. It will answer your pressing questions!

If you have any questions about year-end tax planning or think I can help you in any other ways, contact me, or give me a call at (239) 384-9688.

– Mark

This information is based on facts, assumptions and representations as stated and authorities that are subject to change. We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.
LEGAL NOTICE AND DISCLAIMER: The information within this blog is for informational and educational purposes only and is not tax advice and should not be used as such. The facts of each individual situation can have significantly different outcomes when applying tax law. The hiring of a CPA is an important decision not to be based solely on advertisements.

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