The American Jobs & Closing Tax Loopholes Act of 2010 - H.R. 4213

[Edward]

Check it out - There's an extension of expiring tax provisions like the deduction of State & Local general sales taxes; The additional standard deduction for real property taxes; Above the Line Deduction for Qualified Tuition and Related Expenses and Above the Line deduction for teachers and other school professionals on the 250.00 deduction; the 15 yr cost recovery period for certain leasehold improvements, restaurant buildings and improvements, and retail imrovements; the 5 year depreciation for farming business machinery and equipment THRU 2010 only. Unfortunately there's no AMT "patch" provided!!! The Act also has some details about SE tax on certain service professionals going thru S corporations to avoid such. The President has yet to sign the bill.

[Margaret CPA in OH]

My local Sole Prop lunch group has raised the SE tax issue. A link was provided by one member My link

I hope I did the link thingy correctly - we'll see. In any event, it's a pretty good description of what may affect many of us and our clients. At lunch today one attendee commented that it will just drive more to LLC's until that entity gets tagged.

[TAXBILLY]

Margaret - you need to edit your post and put a space in front of Mylink.

taxbilly

[TAXBILLY]

>>The President has yet to sign the bill<<

That's because the Senate has not passed it yet.

taxbilly

[Margaret CPA in OH]

Thanks, Taxbilly, but I still can't get it right. I will try the whole enchilada here:

http://www.forbes.com/2010/06/09/tax-increase-congress-hedge-funds-personal-finance-s-corp-payoll-taxes.html?boxes=Homepagelighttop

Perhaps folks can copy and paste, if interested...

[TAXBILLY]

No need to copy and paste ... just "click" :~)

taxbilly

[imjulier]

Ouch! I know of at least 3 more clients of mine who would have had to close their businesses last year if we hadn't been able to cut their salaries and keep the employment taxes in the business to help make wages of employees.