Tax Help for Small Businesses

House Small Business Committee Chair Donald Manzullo (R-IL) has proposed a Small Business Tax Relief Act with the support of many small business interest groups and lawmakers on both sides of the aisle. Among provisions including are extension of the work opportunity and welfare-to-work tax credits, repeal of the alternative minimum tax, a standardized $2,500 home office deduction as well as keeping the $100,000 expensing deduction and allowing husband and wife businesses to be treated as sole proprietorships. New or extended tax breaks include a deduction for self-employed workers toward calculation of the self-employment tax, a long-term training credit for specialized occupations and a 15 year depreciation period on replacement roofs.