Small Business Jobs Act of 2010 passed the House on Sept. 23, 2010 and is expected to be signed by the President
The 2010 Small Business Act passed the Senate on Sept. 16, 2010 and the House on Sept. 23, 2010 and is soon to be signed by the President. The Act includes a number of important tax provisions such as increasing Code Sec. 179 expensing to $500,000 for 2010 and 2011, reviving the 50% bonus depreciation for 2010, increasing the immediate deductibility of startup expenditures from $5,000 to $10,000, and allowing health insurance costs for self and family to be deductible in computing 2010 Self-Employment taxes.
More to come on this next week when the bill get signed by the President.
If you have any questions about the bill, give us a call at (260) 497-9761 or Email us at info@summitcpa.net.
