Making it's way through Congress right now is a bill with 6 tax breaks for business owners. Some we've seen before and some are brand new. If it makes it to the finish line, it MAY help a bit. The one item on the list is a pretty good one for self-employeds - the ability to deduct health insurance as a business expense, thus saving the SE tax. That's brand new but, alas, it is ONLY for 2010 (unless they extend it next year, blah, blah, blah). We'll see if it even makes it.
Owen S. Arnoff, Enrolled Agent
Admitted to Practice Before the Internal Revenue Service
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