The Small Business Jobs Act

your business makes capital investments, this will eventually create more jobs. Given two-thirds of all new jobs have been created by small business over the last three years and you understand why this breaks are targeted to the smaller businesses. Starting with the self-employed, your tax bill is going to be lower by about 15% if you pay your own health insurance premiums. The current position is that, if you employ people, the payment of their health premiums is deductible from the gross revenue of the business. But the premium for your own insurance is only a personal deduction. Just for 2010, the premiums will reduce the net earnings from your own employment. There are also changes to the system for claiming tax refunds which now allows you to go back for five years, the start-up costs limit is increased and the repayment period extended, the first year expensing deductions are doubled and the scope is extended to include leased property improvements even though they are not capital equipment, and the depreciation allowances are expanded. Finally, you can now withdraw some of your retirement savings to help cover your immediate trading losses during start-up. This is only a snapshot picture of a complex set of provisions. Further, more tax changes and breaks will probably appear during the remainder of this tax year. So you had better huddle with your accountant or tax advisor to advise you on how to take advantage of everything on offer. With the Administration on the