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President Signs Small Business Jobs and Tax Relief Bill - Emil Estafanous, CPA : Emil Estafanous, CPA

President Signs Small Business Jobs and Tax Relief Bill

On Sep 27, President Barack Obama sealed into law a Small Business Jobs Act of 2010 (P.L. 111-240). The bill, that Congress upheld final week, expands loan programs by a U.S. Small Business Administration (SBA), strengthens tiny business welfare programs for sovereign supervision projects, provides incentives for exporters, offers a accumulation of tiny business taxation breaks and includes some income raisers. For coverage of what is in a law, see “Small Business Stimulus Passes Congress.”

Many of a supplies of a check are effective immediately, including:

  • Increased Sec. 179 expensing.
  • Extension of 50% first-year reward depreciation.
  • Zero taxation rate on collateral gains from Sec. 1202 tiny business stock.
  • Increased Sec. 195 reduction for trade or business startup expenses.
  • Five-year carryback of ubiquitous business credits.
  • New reduction for self-employed individuals’ health word costs.
  • Removal of dungeon phones from a clarification of listed property.
  • Limitations on Sec. 6707A penalties for disaster to divulge a reportable transaction.

About Emil Estafanous, CPA
Certified Public Accountant (CPA) Tax Professional committed in representing taxpayers and resolving their tax problems.

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