What every small business should know about the 2010 Tax Relief Act
– 100% bonus depreciation through 2011 for investments made after 09/08/2010 and prior to January 1, 2012. 50% bonus depreciation for 2012
– The employer’s share of the Social Security tax remains at 6.2%
– Certain employer’s may still be eligible for payroll tax forgiveness under the HIRE act; still scheduled to end after December, 2010.
Numerous other provisions and modifications affecting certain taxpayers and businesses are also contained in the 2010 Tax Relief Act. Call our office to set-up a consultation to review those potentially applicable.
Did you know the Small Business Jobs Act, in addition to various tax cuts and incentives for small businesses also include legislation designed to strengthen their ability to compete for contracts. Part of the Small Business Act commissioned a rule which includes setting forth 83 industries (identified by the 4 digit North American Industry Classification System (NAICS codes) in which woman-owned small businesses are under-represented. To read a full version of the final rule yourself click here: Women-Owned Small Business Federal Contract Program Final Rule
