Here are the new breaks signed into law, according to the SBA:
- Zero Capital Gains Taxes on Key Investments in Small Businesses
- Up to $500,000 Small Business Expensing Limit
- 100% Accelerated/Bonus Depreciation
- Tax Relief/Simplification for Cell Phone Deductions
- Increased Deduction for Entrepreneurs’ Start-Up Costs
- 5-Year Carryback of General Business Credits
- Limitations on Penalties for Errors in Tax Reporting
- General Business Credit Not Subject to Alternative Minimum Tax (AMT)
- New Health Care Tax Credits and Deductions — The Small Business Jobs Act allowed self-employed individuals to deduct 100 percent of insurance costs incurred in 2010 for themselves and their families.
- A New Tax Credit for Hiring Unemployed Workers
I’m most excited about the next-to-last item. It made no sense that I could not deduct the cost of health insurance when corporate America could.
Another take on the same new tax break info comes from AdvisorOne.