Health Insurance Deductible When Calculating SE Tax

Posted on October 27, 2010 by Leasa Magnuson in Business Tax, Individual Tax

In 2003, small business owners were for the first time allowed to deduct the cost of health insurance for income tax purposes. However this deduction came after self employed income tax was calculated. Let’s take a minute and talk about self employed tax. If you are an employee your employer calculates Social Security and Medicare […]

View Post SE Tax, Small Business Jobs Act 2010

Small Business Jobs Act of 2010 Might Stimulate the Economy

Posted on October 20, 2010 by Leasa Magnuson in Business Tax

One of the worries this year for small businesses was the Section 179 expense of $250,000 was to “sunset” and revert back to $25,000 for 2011. Items that are purchased to be used in business that have a life of more than one year are considered capital assets and have to be “capitalized” and a […]

View Post Section 179, Small Business Jobs Act 2010