Tax breaks for small business

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.