Well Congress is suppose to wrap up business for the 2006 year next week and there still are some tax measures that expire at year end. There are a few bills in the session that would benefit the small business owner and individuals, but this is only if they are extended. The major bills for “the little guy” are:
Research and Development Credit
reward for employers who hire former welfare recipients,
a personal deduction for state and local sales taxes paid by people who live in states without income taxes,
and a personal deduction for elementary and high school teachers who spend at least $250 of their own money on classroom supplies
Look out for the results for these changes may have an effect on your tax liability in April. Keeping you and your Business N Synergy.
Brian N. Stovall