Last-Minute Review of 2010 Tax Changes for Small Businesses

With just one week to go before this year's official tax filing date -- April 18 -- we at GoodBiz113 wanted to provide an overview of IRS tax changes for small-business owners and self-employed folks. If you haven't yet filed your 2010 tax return, pay heed to the following tax-law revisions. If you have filed your 2010 return and it doesn't reflect these changes, then amend it accordingly -- ASAP.

During 2010, new laws -- such as the Affordable Care Act and the Small Business Jobs Act of 2010 [SBJA] -- created or expanded deductions and credits that small businesses and self-employed individuals should consider when completing their tax returns and making business decisions in 2011.

Health Insurance Deduction Reduces Self Employment Tax
With the enactment of the Small Business Jobs Act of 2010, self-employed taxpayers who pay their own health insurance costs can now reduce their net earnings from self-employment by these costs.

Previously, the self-employed health insurance deduction was allowed only for income tax purposes. For tax year 2010, self-employed taxpayers can also reduce their net earnings from self employment subject to SE taxes on Schedule SE by the amount of self-employed health insurance deduction claimed on line 29 on Form 1040.

Taxpayers can claim the self-employed health insurance deduction if the insurance plan is established under their business, and if either of the following are true:

* They were self-employed and had a net profit for the year; or

* They received wages from an S corporation, in which the taxpayer was a more-than-two-percent shareholder.

During tax year 2008 -- the most recent year for which data is available -- the self-employed health insurance deduction was claimed on 3.6 million tax returns, reducing taxpayers’ adjusted gross incomes by $21 billion.

Small Business Health Care Tax Credit
In general, the Small Business Health Care Tax Credit is available to small employers that pay at least half of the premiums for single health insurance coverage for their employees. It is specifically targeted to help small businesses and tax-exempt organizations that primarily employ moderate- and lower-income workers.

Small businesses can claim the credit for 2010 through 2013, and for any two years after that. For tax years 2010 to 2013, the maximum credit is 35 percent of premiums paid by eligible small businesses, and 25 percent of premiums paid by eligible tax-exempt organizations.

Beginning in 2014, the maximum tax credit will increase to 50 percent of premiums paid by eligible small business employers, and 35 percent of premiums paid by eligible tax-exempt organizations.

The maximum credit goes to smaller employers -- i.e., those with 10 or fewer full-time equivalent [FTE] employees -- paying annual average wages of $25,000 or less. The credit is completely phased out for employers that have 25 or more FTEs or that pay average wages of $50,000 or more per year. Because the eligibility rules are based in part on the number of FTEs, not the number of employees, employers that use part-time workers may qualify even if they employ more than 25 individuals.

Eligible small businesses will first use Form 8941 to figure the credit, and then include the amount of the credit as part of the general business credit on its income tax return.

The IRS has developed a page on IRS.gov devoted to this credit, with answers to frequently asked questions plus explanations of the credit through various tax scenarios.

General Business Credit for Employers
The general business credits of eligible small businesses in 2010 are not subject to alternative minimum tax. The new law allows general business credits to offset both regular income tax and alternative minimum tax of eligible small businesses as described in Section 2012 of the Small Business Jobs Act.

The provision is effective for any general business credits determined in the first taxable year beginning after Dec. 31, 2009, and to any carryback of such credits. For a list of the general business credits, see Form 3800.

Small Businesses Can Benefit from Higher Expensing/Depreciation Limits
For tax years beginning in 2010 and 2011, small businesses can expense up to $500,000 of the first $2 million of certain business property placed in service during the year.

In general, businesses can choose to treat the cost of certain property as an expense and deduct it in the year the property is placed in service instead of depreciating it over several years. This property is frequently referred to as section 179 property, after the relevant section in the Internal Revenue Code.

Section 179 property is property that you acquire by purchase for use in the active conduct of your trade or business, including:

* Tangible personal property.

* Other tangible property [except buildings and their structural components] used as:

1. An integral part of manufacturing, production, or extraction or of furnishing transportation, communications, electricity, gas, water, or sewage disposal services;

2. A research facility used in connection with any of the activities in [1] above; or

3. A facility used in connection with any of the activities in [1] above for the bulk storage of fungible commodities.

* Single-purpose agricultural [livestock] or horticultural structures.

* Storage facilities [except buildings and their structural components] used in connection with distributing petroleum or any primary product of petroleum.

* Off-the-shelf computer software.

Section 179 property generally does not include land, investment property [section 212 property], property used mainly outside the United States, property used mainly to furnish lodging, and air conditioning or heating units.

The Small Business Jobs Act of 2010 increases the section 179 limitations on expensing of depreciable business assets for tax years beginning in 2010 and 2011, and expands temporarily the definition of section 179 property, for tax years beginning in 2010 and 2011, to include certain qualified real property a taxpayer elects to treat as section 179 property. Qualified real property means qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property.

The $500,000 amount provided under the new law is reduced, but not below zero, if the cost of all section 179 property placed in service by the taxpayer during the tax year exceeds $2 million.

For tax years beginning in 2012, the maximum amount is $125,000; before enactment of the 2010 tax relief legislation, it was set at $25,000.

Depreciation Limits on Business Vehicles
The total depreciation deduction -- including the section 179 expense deduction, and the 50 or 100 percent bonus depreciation -- you can take for a passenger automobile [that is not a truck or a van] you use in your business and first placed in service in 2010, is increased to $11,060. The maximum deduction you can take for a truck or van you use in your business and first placed in service in 2010, is increased to $11,160.

If you do not take any bonus depreciation for the passenger automobile, truck, or van you use in your business and first placed in service in 2010, the maximum deduction you can take for a passenger automobile is $3,060, and for a truck or van is $3,160.

50 or 100 Percent Bonus Depreciation
Generally, businesses can take a special depreciation allowance to recover part of the cost of qualified property placed in service during the tax year. The allowance applies only for the first year you place the property in service.

Businesses that acquire and place qualified property into service after Sept. 8, 2010, can now claim a depreciation allowance of 100 percent of the cost of the property. The property must be placed in service before Jan. 1, 2012 [Jan. 14, 2013, in the case of certain longer-lived and transportation property].

Businesses that acquire qualified property during 2010 on or before Sept. 8, 2010, can claim a depreciation allowance of 50 percent of the cost of the property. The property must be placed in service before Jan. 1, 2013 [Jan. 1, 2014, in the case of certain longer production period property and for certain aircraft].

The allowance is an additional deduction you can take after any section 179 deduction, and before you figure regular depreciation under MACRS for the year you place the property in service. The types of property that can be depreciated are described in the instructions to Form 4562.

Small Businesses to Use EFTPS for Deposits Beginning in 2011
The paper coupon system for Federal Tax Deposits will no longer be maintained by the Treasury Department after Dec. 31, 2010. Most businesses must now make deposits and pay federal taxes through the Electronic Federal Tax Payment System [EFTPS].

Using EFTPS to make federal tax deposits provides substantial benefits to both taxpayers and the government. EFTPS users can make tax payments 24 hours a day, seven days a week from home or the office.

Deposits can be made online with a computer, or by telephone. EFTPS also significantly reduces payment-related errors that could result in a penalty.

The system helps taxpayers schedule dates to make payments -- even when they are out of town or on vacation when a payment is due. EFTPS business users can schedule payments up to 120 days in advance of the desired payment date.

Information on EFTPS -- including how to enroll -- can be found online, or by calling EFTPS Customer Service at 1-800-555-4477.

Some businesses paying a minimal amount of tax may make their payments with the related tax return, instead of using EFTPS. More details regarding taxes required to be deposited using EFTPS, dollar thresholds and other specific requirements are described on page 2 of IRS Publication 15, [Circular E] Employer's Tax Guide.

For "one-stop-shopping" small-biz tax info, go to the IRS Small Business and Self-Employed Filing Season Central: http://1.usa.gov/f8iJSr.

If, for whatever reason, you're not able to file your tax return by midnight on Monday, April 18, then simply file Form 4868 to apply for an automatic extension. Doing so will allow you six additional months to file -- i.e., till midnight on Oct. 17, 2011.

SOURCE: HealthCare.gov, Internal Revenue Service, U.S. Small Business Administration
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IRS Outlines New Tax Incentives Available to Small Businesses in 2010

This week, the Internal Revenue Service [IRS] released the Tax Changes for Small Businesses fact sheet. Last year, the Small Business Jobs Act of 2010, along with the Patient Protection and Affordable Care Act, provided key tax incentives for small businesses and self-employed individuals.

The IRS fact sheet highlights 2010 tax changes and details how taxpayers claim benefits.

"Through reforms in our nation’s troubling health-care system and by providing more than $12 billion in immediate, targeted tax incentives to small businesses, the last two years have been about supporting American’s small businesses," said Sen. Mary L. Landrieu [D-La., pictured], chair of the U.S. Senate Committee on Small Business and Entrepreneurship, and a lead sponsor of the Small Business Jobs Act of 2010. "As chair of the Senate Small Business and Entrepreneurship Committee, it has been my priority to find avenues to improve our nation’s economy and put dollars back into the pockets of America’s entrepreneurs.

"With tax season upon us, the IRS is making sure taxpayers are aware of these important deductions available to them. As we convene the 112th Congress, I will continue to fight for these small businesses to ensure that they continue to receive the tax incentives they need to drive our economy."

The IRS fact sheet breaks down the tax portions of the Small Business Jobs Act of 2010 and the Patient Protection and Affordable Care Act that are available to eligible small businesses in 2010. The document details the self-employed health insurance deduction, which allows self-employed individuals to deduct their health-care costs for payroll tax purposes.

In addition, the 2010 fact sheet outlines ways for small businesses to take advantage of the Small Business Health Care Tax Credit and the General Business Credit for Employers, as well as higher expensing and depreciating limits for small businesses.

The complete fact sheet, with the tax incentives available for small businesses for the 2010 tax year, is available on the "Resources" page of the Small Business Committee website at http://sbc.senate.gov/.

SOURCES: Internal Revenue Service, U.S. Senate Committee on Small Business and Entrepreneurship
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SBA Chief Announces One-Page Form for Claiming Small-Biz Health-Care Tax Credit

SBA Administrator Karen Mills [pictured] just released an open letter to small-business owners, announcing a simple one-page form that we can use to claim the health-care tax credit for 2010. Following, is the text of her letter:

* * *

December 2, 2010

Dear Small-Business Owner,

As I've traveled the country this year, I have heard from many of you who are looking forward to the new tax credits, health insurance exchanges, and other tools that will help you provide health insurance coverage to your employees as a result of the Affordable Care Act.

The most immediate benefit of the new law is a tax credit that will help America’s smallest employers and nonprofit organizations [fewer than 25 fulltime equivalent employees with average annual wages below $50,000] who have been hit hardest by premium increases in recent years. Today, I'm pleased to announce that the Administration is releasing a one-page form and instructions [available at http://bit.ly/SmallEmployers] on how to claim this credit for the 2010 tax year.

In addition, new guidance released today answers questions that many of you have asked related to: your current contribution arrangements, eligibility for certain religious institutions, and participation by multi-employer health and welfare plans. In each case, the Administration has worked to ensure that a broad range of small businesses can qualify.

These credits are available for tax years 2010 through 2013, and for any two years after that. Through 2013, the maximum tax credit is 35 percent of premiums paid by small employers, and 25 percent for eligible tax-exempt organizations. Beginning in 2014, those levels increase to 50 percent and 35 percent, respectively.

Importantly, these credits are just one of many benefits in the Affordable Care Act. Most notably, in 2014, firms with up to 100 workers will be able to pool their buying power and reduce their administrative costs by purchasing coverage through a health insurance exchange.

Finally, the new law strengthens America’s entrepreneurial spirit, overall. For example, it outlaws discrimination against those with pre-existing conditions, giving more Americans the ability to break out of "job lock" and start their own companies. The new law also prohibits insurance companies from dramatically increasing premiums for a small business just because one worker gets sick.

Overall, the Affordable Care Act is a critical tool that will help millions of small-business owners provide health insurance to people who you often consider to be members of your extended family -- your employees. As a nation, we owe you nothing less as you work to grow, create jobs, and lead us toward full economic recovery.

Warm regards,

Karen Mills
SBA Administrator

* * *

GoodBiz113's Take
This latest move effectively underscores the Affordable Care Act's profound import to small businesses' short- and long-term financial and tax-reporting interests. Once again, the Obama Administration has demonstrated that it truly believes in the power of small businesses to propel America's economy, and has delivered on its promise to promote entrepreneurship and affordable access to health care.

SOURCE: HealthCare.gov, Internal Revenue Service, U.S. Small Business Administration
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SBA Chief Backs Repeal of ‘Burdensome’ 1099 Reporting Requirements on Small-Business Transactions

In an open letter to small-business owners, SBA Administrator Karen Mills [pictured] described requirements that small businesses report all transactions greater than $600 as "burdensome," and called for their repeal. Mills said the reporting requirements in the Affordable Care Act, which were to have begun in 2012, add up to "too much paperwork, too much filing."

The text of the letter, which is posted on the SBA website at http://www.sba.gov/1099letter/, follows:

Dear Small Business Owner,

I’m writing to update you on the progress that we have made regarding concerns stemming from the expanded 1099 reporting requirement in the Affordable Care Act, which could affect small businesses starting with 2012 purchases and 2013 filings.

The SBA and the Administration support the Small Business Paperwork Relief Act [introduced by Senator Baucus], which would repeal this provision.

As President Obama said on Nov. 3: "...The 1099 provision in the health-care bill appears to be too burdensome for small businesses. It just involves too much paperwork, too much filing. It’s probably counterproductive." Our support for the Small Business Paperwork Relief Act also follows the Administration’s support in September for Senate Amendment 4595 [offered by Senator Bill Nelson], which would have relaxed the reporting requirement.

All businesses that pay another individual or business $600 or more for goods or services starting in 2012 will be required to issue 1099s. The unintended consequence of a potential paperwork burden resulting from this provision quickly came to light, and we immediately began working across the Administration to reduce the burden of these potential future reporting requirements, as I noted in a letter to small businesses in May. We gathered feedback and comments from the small-business community through roundtables, forums, and other feedback mechanisms involving outreach from the SBA, the Treasury Department, the I.R.S. and others.

Importantly, the repeal of this provision through the Small Business Paperwork Relief Act will not adversely affect the Affordable Care Act, which provides important health-care benefits to millions of Americans. Small businesses are already taking advantage of the new tax credits for providing health insurance to employees this year, and future benefits -- such as the insurance exchanges in 2013 -- will provide small businesses with more negotiating power and reduced administrative costs.

Thank you for the input and feedback that many of you have provided on the impact that the expanded 1099 reporting requirement could have on your business. Overall, with your help, we will continue to ensure that America’s entrepreneurs and small-business owners operate in an environment not burdened by excessive regulation, allowing you to continue doing what you do best: grow businesses, create jobs and lead America’s economic recovery.

Sincerely,

Karen Mills
SBA Administrator

* * * * * * * * * *

GoodBiz113's Take
Once again, Administrator Mills [a seasoned entrepreneur and venture capitalist] and the Obama Administration have exercised their common-sense, just-get-out-of-the-way leadership power to simply let small businesses, well, tend to business -- i.e., rather than get mired in the bureaucratic and redundant processes of yore. Their hands-off management style and streamlining-to-the-max ways are refreshing and welcome, indeed.

SOURCE: U.S. Small Business Administration
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SBA Administrator Explains Important Health Care Tax Credit Info for Small Businesses

Administrator Karen Mills [pictured], of the U.S. Small Business Administration [SBA], has just written an open letter to small-business owners across the United States, explaining the immediate benefits available to small businesses as part of the Affordable Care Act.

Following, is the full text of her letter:

* * *

Dear Small-Business Owner,

For decades, access to affordable health insurance has been the No. 1 concern of small-business owners. To help you address that concern and provide quality, affordable coverage for your employees, the new Affordable Care Act gives you a number of new tools and benefits.

The most immediate benefit you should know about is the tax credit to help you pay for up to 35 percent of your employee premiums starting this tax year. An estimated 4 million small businesses may qualify for these tax credits, totaling about $40 billion over the next 10 years. Go here to learn more about the tax credit, including new information that explains how this federal credit is in addition to state-level credits you might receive, and how dental and vision coverage are also eligible for the federal credit.

The Affordable Care Act also included reporting requirements if you pay another business $600 or more, starting with 2013 filings. Small-business groups have voiced concerns about the possible burden this places on people like you. That’s why the IRS is already planning to exempt from this requirement your transactions that use credit and debit cards.

Also, the IRS, SBA and others in the Administration are looking for additional ways to minimize burdens and avoid duplicative reporting. We welcome your comments and input as we move forward together to address implementation issues under the new law.

Over the last 16 months, this Administration has taken steps to provide tax relief that puts more money in the hands of small-business owners like you -- including write-offs for new equipment, credits for hiring unemployed workers, and capital-gains exclusions for small-business investors. We know that sensible tax relief like this will help you grow your business, create new jobs, and continue drive America’s economic recovery.

With warm regards,

Karen Mills

* * *

For detailed information about the new Small Business Health Care Tax Credit, visit IRS.gov: http://bit.ly/SmallBizTaxCredit.

SOURCES: Internal Revenue Service, U.S. Small Business Administration, The White House
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Obama Proposes New Small-Business Rescue Plan

During his final American Jobs Tour stop, in the Appalachian community of Chillicothe, Ohio, Democratic presidential hopeful Sen. Barack Obama [D-Ill.] demonstrated steady leadership and introduced a new short-term proposal to address the credit crisis of struggling small businesses.

Sen. Obama’s goal is to put all tools on the table to ensure that necessary steps are taken to help Americans who are scrambling financially. Many small-business owners can’t even make their payroll or finance their holiday inventories. Obama’s proposal is one giant leap toward helping them during this time of financial crisis.

While the financial-market rescue plan [AKA bailout] is designed to unfreeze credit, which will indirectly benefit small businesses, Obama recognizes that small businesses need direct and immediate access to capital now. Yesterday, he called for a Small Business Rescue Plan to help small firms get the loans they need to conduct day-to-day operating expenses, undertake short-term investments, and meet payrolls.

The plan will use tools available through the Small Business Administration [SBA] to aggressively extend credit to struggling firms, while providing tax cuts for small businesses to encourage job creation. With America's 27 million small businesses responsible for more than two-thirds of new job creation, this plan is vital to stemming job losses and turning our economy around.

Barack Obama’s Small Business Rescue Plan includes:

* A Nationwide Emergency Lending Facility for Small Businesses: Just as our nation did in the wake of 9/11, when businesses all around the country were facing economic injury, Obama is calling for the SBA to directly lend to small businesses that cannot access other sources of capital. The facility will be run through the SBA's Disaster Loan Program, which is designed to offer affordable, fixed-rate loans to small firms to meet operating expenses, undertake needed short-term investments, or to refinance debt. Loans should be available with an expedited approval and disbursement process, so that firms can access the credit needed to meet their operating expenses immediately.

* Expanding SBA Guarantees to Encourage Private Lending to Small Businesses: Obama is calling for expanding the SBA’s key loan guarantee programs -- 7[a] and 504 -- by temporarily eliminating fees for borrowers and lenders, and increasing the guarantee rate on private loans. These steps will give lenders new incentives to lend and help unlock credit for small firms. It will send a clear signal that the government is standing with small businesses and ensuring sources of loans.

* Temporary Tax Incentives to Encourage Small Businesses to Invest in Jobs: Barack Obama will give small businesses additional incentives to make investments and start creating jobs again by providing temporary business tax incentives through 2009. February's Economic Stimulus Act of 2008 increased maximum Section 179 expenses to $250,000, but this expires in December 2008. This provision will encourage all firms to pursue investment in the coming months, but will benefit small firms in particular, who generally have smaller amounts of annual property purchases and so choose to expense the cost of their acquired property.

"If we're going to rebuild this economy from the bottom up, it has to start with our small businesses on Main Street -- not just the big banks on Wall Street," Obama declared at yesterday's American Jobs Tour rally stop in Ohio. "Small businesses employ half of the workers in the private sector in this country, and account for the majority of the job growth. But we also know that a credit crunch has dried up capital and put these jobs at risk. Shops can't finance their inventories, and small firms can't make payroll. It's harder to get an idea off the ground, or to provide health care for your employees. If we don't act, we'll be looking at scaled back operations, shuttered shops, and laid off workers.

"That's why we need a Small Business Rescue Plan, so that we're extending our hand to the shops and restaurants -- the start-ups and small firms that create jobs and make our economy grow. Main Street needs relief and you need it now. We won't grow government; we'll work within the Small Business Administration to keep folks afloat, while providing tax cuts to lift the tide. It's what we did after 9/11, and we were able to get low-cost loans out to tens of thousands of small businesses. That's one of the many steps we can, and should, take to help stop job losses and turn this economy around.

"It starts with a nationwide program to provide affordable, fixed-rate loans to small businesses across the country. We can run this through the SBA's Disaster Loan Program, which provides loans to small-business owners to get the help they need to maintain their inventory and meet their payroll. We'll also make it easier for private lenders to make small-business loans by expanding the SBA's Guaranty Loan Program. By temporarily eliminating fees for borrowers and lenders, we can unlock the credit that small firms need to move forward, pay their workers, and grow their business.

"Just as we make lending more available, we need to relieve the tax burden on small businesses to help create jobs. That's why I've proposed eliminating all capital-gains taxes on investments in small businesses and start-ups. And today, I'm proposing an additional temporary business tax incentive through next year to encourage new investments. Because it's time to protect the jobs we have and to create the jobs of tomorrow by unlocking the drive, and ingenuity, and innovation of the American people. That's what I'll do as president of the United States."

Barack Obama's comprehensive and far-reaching Small Business Rescue Plan marks yet another bold move on behalf of America's small businesses. He and running mate Sen. Joe Biden [D-Del.] have also proposed the following:

* Zero Capital-Gains Rate for Investment in Small Businesses: Barack Obama believes that we need to encourage investment in small businesses to help create jobs and turn our economy around. That’s why he will eliminate all capital-gains taxes on investments made in small and start-up businesses. Unlike John McCain, who wants to give $200 billion in new tax cuts to America’s largest and most profitable businesses, Obama wants to cut taxes for those small businesses that create jobs, but are struggling with restricted access to credit -- alongside skyrocketing health-care and energy costs.

* Tax Cuts for the Vast Majority of Small Businesses: Barack Obama believes that we need to reduce burdens on small-business owners -- many of whom are struggling to succeed in the midst of our economic crisis. Unlike John McCain, Obama has proposed direct tax cuts for small businesses -- including zero capital gains for investments in small businesses, plus a new 50 percent tax credit for businesses that offer health care to their employees on behalf of their employees, and to small businesses with no employees. Obama will provide a $1,000 Making Work Pay middle-class tax credit to 95 percent of workers and their families, which will help individuals with small-business income -- including the country’s more than 20 million self-employed individuals. And, because the Obama plan preserves existing tax rates for families making less than $250,000 a year, nearly 99 percent of small-business owners won’t see any tax increase under the Obama plan.

* New Small-Business Health Tax Credit: Barack Obama will exempt small businesses from any requirement to offer health insurance to their employees or contribute on their behalf. Instead, he will give small businesses new incentives to provide health care with a Small Business Health Tax Credit. The Obama Small Business Health Tax Credit will provide a refundable credit of up to 50 percent on premiums paid by small businesses.

* Investment of $15 Billion a Year in Renewable Sources of Energy: Barack Obama will create five million new, green jobs over the next decade -- jobs that pay well and can't be outsourced; jobs building solar panels and wind turbines and fuel-efficient cars; jobs that will help us end our dependence on oil from Middle East dictators.

* Investing in Our Nation's Infrastructure: Barack Obama will put two million more Americans to work rebuilding our crumbling roads, schools, and bridges -- because it is time to build an American infrastructure for the 21st century. He would also work with the building trades to expand apprenticeship programs, so that young workers can develop their skills.

GoodBiz113's take: Wall Street has gotten its $700 billion bailout. Unfortunately, it'll be awhile before small businesses on Main Street, as well as in America's rural farming areas, benefit from the supposed "trickle-down effect" of that massive cash infusion. Barack Obama and Joe Biden's innovative Small Business Rescue Plan is just what small businesses, entrepreneurs, start-ups, and working families and households need for short- and long-term endeavors, and deserves to be funded and implemented ASAP.

SOURCES: Internal Revenue Service, Obama for America, U.S. Small Business Administration
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