New Small Business Law !

GREAT News….

The Small Business Jobs Act will allow self-employed individuals to fully deduct the cost of their health insurance from their self-employment taxes for 2010. Currently, self-employed individuals are prohibited from fully deducting the cost of their health insurance from their self-employment taxes, resulting in an additional tax that no other worker or business owner is forced to pay.

Contact your accountant and be sure that they know about this great opportunity.

As for the opportunity for a family or small business to have access to additional loans… I believe that has yet to be proven.  

While the law is designed to free up money for small business (which it is important to remember that according to the SBA is any business with less than 500 employees) and has given a financial shot in the arm to banks to loan out the money… it still remains to be seen. 

Lending institutions in the past have been given money to promote small and family business and it just didnt seem to really work.  Some of the institutions held onto the extra money, some just put so many restrictions on the money that it was easy to turn down many of the applications.

Lets see where that goes… however those of us who are self employed, we can celebrate the new deduction for our health care in our 2010 taxes.

Have a great day and a profitable week !!

Rich