What small business needs to know about tax changes

Feel that chill in the air yet?  Fall is upon us, along with some changes in the tax code.  According to the Anderson Business Advisors’ October newsletter, There are changes in the wind for business….. but you knew that!

Here are some items to be aware of:

  • Merchant card processing companies like American Express, Visa and MasterCard merchant banks will be required to report each business’s payment transactions to the IRS.  Read more at http://www.alglaw.com/article/view.php?id=285
  • The 2010 Small Business Jobs Act enacted September 27, 2010 includes an assortment of incentives and tax breaks for small businesses, including:
    • Cell Phones can be deducted or depreciated like other business property.
    • Business Owners’ Health Insurance Deduction Reduces Self-Employment Tax
    • General Business Credits for 2010 Can Be Carried Back 5 Years

Read more about these and other deductions at http://www.alglaw.com/article/view.php?id=280

I like the info Anderson Business Advisors puts out.  Rather than me repeating any more of it here, I recommend you subscribe to their newsletter at http://www.alglaw.com.


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