Deduction for Start up Expenses Increased. For 2010 only, the amount of start-up expenditures deductible in the current year increased to $10,000. Any remaining start-up expenses can be deducted ratably over 180 months.
Self-Employed Health Insurance Deduction. For tax year 2010, health insurance costs for a self-employed taxpayer and his family are deductible in computing 2010 self-employment tax.
Small Employer Health Insurance Credit. For 2010 through 2013, the health care act provides small employers with a tax credit for providing health insurance for their employees. The credit is limited to businesses with no more than 25 full-time employees with annual full-time equivalent wages averaging no more than $50,000.
Consult with your CPA before making decisions.