You have to love it. Lawmakers are looking out for you.
The Small Business Jobs Act of 2010, signed into law on September 27, 2010, not only increases deductions available to you but makes many of them windfalls in that they are deductible retroactive to the beginning of the year.
Here are the highlights that relate to you as a one-owner or husband-and-wife-owned business.
Bigger Section 179 Deductions
For taxable years beginning in 2010 and 2011, you may Section 179 expense up to $500,000 if you place $2 million or less of such assets in service during the year. Once you hit the $2 million mark, you phase out the $500,000 allowable amount dollar ... Log in to view full article.