Pending right now in Congress, as part of H.R. 1552, The Small Business Formation and Job Creation Act, is a proposal to increase the current tax deduction for new small businesses from $5,000 to $20,000. For more on this piece of legislation, click here, a link to the site of the National Federation of Independent Business.
We’ll be tracking the legislation as it works its way through Congress. It was just introduced yesterday, so there’s not much information out yet. But if you’re a start-up, or soon to be start-up, and might be interested in following the legislation, here’s a link to the offical tracker on the government’s thomas.gov site. Or, you can track it here through govtrack.us, a private “civic project to track Congress.”
Tags: HR 1552, start-ups, tax deductions
[...] to small businesses. One other notable piece of legislation that I had previously written about here was the increased start-up tax deduction, from $5,000 to $20,000. It looks to have met a similar [...]
I’ve been interested in taxes for longer then I care to admit, both on the personal side (all my employed life!!) and from a legal viewpoint since passing the bar and pursuing tax law. I’ve provided a lot of advice and corrected a lot of wrongs, and I must say that what you’ve put up makes perfect sense. Please carry on the good work - the more people know the better they’ll be equipped to handle with the tax man, and that’s what it’s all about.