"NEWS NOTES"

From the office of Angle, Zaebst & Associates
 President Obama Signed the Small Business Jobs Act of  2010 
 
  1. The Section 179 depreciation expensing limit  is increased to $500,000 for tax years 2010 and 2011.
  2. New for 2010,  leasehold, retail, and restaurant improvements may be expensed under Section 179.  The limit is $250,0000 for these assets.
  3. Bonus depreciation was reinstated for qualifying property acquired and placed in service during 2010. 
  4. The first-year depreciation limit is increased by $8,000 for qualifying passenger automobiles.
  5. The allowable tax deduction for start-up expenditures is $10,000.
  6. The IRS no longer requires business taxpayers to report "personal use" of business cell phones.
  7. Self-employed individuals may deduct health insurance costs when calculating 2010 self-employment tax.
  8. Small businesses may take a five-year carryback of general business tax credits. This allows these credits to offset income tax liability from previous years.
  9. In 2011, there will be an increase in 1099 reporting responsibilities for landlords.  We will have more on this later, after the government clarifies the details.

An archive of News Notes is now available on our web page.  Click on the Angle, Zaebst & Associates quick link (below) to go to our website, then click on the News Notes Archives link found on our homepage. 

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Each entity or individual's situation is unique and should be analyzed based upon all of the laws and regulations that exist at the time of a decision. Although we try to send current and accurate information, laws change and can be complex. The information presented in this e-mail should not be construed as legal, tax or accounting advice. You should consult with Angle, Zaebst, & Associates CPA's or other professionals familiar with your particular situation for advice concerning specific tax or other matters before making any decision.