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.
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