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mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman","serif";} </style> <![endif]--> </head> <body lang=EN-US link=black vlink=black style='tab-interval:.5in'> <div class=WordSection1> <p class=MsoNormal style='margin-left:120.0pt;text-indent:-120.0pt;tab-stops: 120.0pt;mso-layout-grid-align:none;text-autospace:none'>&nbsp;</p> <div align=center> <table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width=782 style='width:586.5pt;mso-cellspacing:0in;background:white;border:solid #660000 1.5pt; mso-yfti-tbllook:1184;mso-padding-alt:7.5pt 7.5pt 7.5pt 7.5pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;height:275.25pt'> <td width=750 colspan=2 valign=bottom style='width:562.5pt;background:black; padding:7.5pt 7.5pt 7.5pt 7.5pt;height:275.25pt'> <p align=center style='text-align:center'><img border=0 width=750 height=367 id="_x0000_i1025" src="http://img-ak.verticalresponse.com/media/a/e/8/ae887556f4/ceee81e279/dc4dcd916c/library/mainbanner.jpg?__nocache__=1" style='height:367px;width:750px' alt=mainbanner.jpg align=bottom></p> </td> <td valign=bottom style='padding:7.5pt 7.5pt 7.5pt 7.5pt;height:275.25pt'> <p align=center style='text-align:center'><img border=0 width=200 height=51 id="_x0000_i1026" src="http://img-ak.verticalresponse.com/media/a/e/8/ae887556f4/ceee81e279/dc4dcd916c/library/TaxThinkAboutIt.jpg?__nocache__=1" style='height:51px;width:200px' alt=TaxThinkAboutIt.jpg><br> <span style='font-family:"Trebuchet MS","sans-serif"'>Tax Think a division of Taryle and Associates, CPAs, PLLC&nbsp;</span><br> <strong><span style='font-family:"Trebuchet MS","sans-serif"'>PHONE: 480-948-9510</span></strong><br> <span style='font-size:10.0pt;font-family:"Arial","sans-serif";color:navy'>email: <a href="mailto:info@tacpas.com"><span style='font-family:"Trebuchet MS","sans-serif"'>info@tacpas.com</span></a></span><br> <a href="http://cts.vresp.com/c/?TaxThink/ceee81e279/7bc87d807d/4900bd67d8/main_page="><span style='font-size:10.0pt'>Visit the Tax Think Website &gt;&gt;</span></a></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width="20%" valign=bottom style='width:20.0%;background:#7C3A00; padding:7.5pt 7.5pt 7.5pt 7.5pt'> <p align=center style='text-align:center'><strong><span style='font-size: 13.5pt;font-family:"Verdana","sans-serif";color:white'>Warren's Events &amp;</span></strong><b><span style='font-size:13.5pt;font-family:"Verdana","sans-serif";color:white'><br> <strong><span style='font-family:"Verdana","sans-serif"'>Deadlines</span></strong></span></b><span style='font-family:"Trebuchet MS","sans-serif"'> </span></p> </td> <td width="60%" valign=bottom style='width:60.0%;background:#7C3A00; padding:7.5pt 7.5pt 7.5pt 7.5pt'> <p class=MsoNormal align=center style='text-align:center'><strong><span style='font-size:18.0pt;font-family:"Verdana","sans-serif";color:white'>New Small Business Tax Law Passed</span></strong></p> </td> <td width="20%" valign=bottom style='width:20.0%;background:#7C3A00; padding:7.5pt 7.5pt 7.5pt 7.5pt'> <p align=center style='text-align:center'><strong><span style='font-size: 13.5pt;color:white'>&nbsp;</span></strong><strong><span style='font-size: 13.5pt;font-family:"Verdana","sans-serif";color:white'>Thursday Night Calls:</span></strong><strong><span style='font-size:13.5pt;font-family:"Trebuchet MS","sans-serif";color:white'> </span></strong></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width="30%" valign=top style='width:30.0%;border:solid #E3BF77 1.0pt; mso-border-alt:solid #E3BF77 .75pt;background:#E3BF77;padding:7.5pt 7.5pt 7.5pt 7.5pt'> <p align=center style='text-align:center'>&nbsp;<span style='font-family: "Verdana","sans-serif"'>&nbsp;<br> </span><strong><span style='font-size:13.5pt;font-family:"Verdana","sans-serif"'>Personal Tax Returns are due October 15th&nbsp;</span></strong><span style='font-family: "Verdana","sans-serif"'>&nbsp;<br> There are also no further extensions for these either. Please make sure we have your information as soon as possible.&nbsp; </span></p> <p class=MsoNormal align=center style='text-align:center'><span style='font-family:"Verdana","sans-serif"'>&nbsp; </span></p> <p class=MsoNormal align=center style='text-align:center'><span style='font-family:"Verdana","sans-serif"'><a href="http://cts.vresp.com/c/?TaxThink/ceee81e279/7bc87d807d/ceb701ee84">2009 Tax Origanizers&gt;&gt;</a>&nbsp; </span></p> <p class=MsoNormal align=center style='text-align:center'><br> <br> <strong><span style='font-family:"Verdana","sans-serif"'>C Corporations with a September 30 year end are due&nbsp;December 15th</span></strong><span style='font-family:"Verdana","sans-serif"'><br> These returns can be extended for six months but you must pay any taxes due by the&nbsp;December 15th due date.<br> <br> &nbsp; </span></p> </td> <td valign=top style='padding:7.5pt 7.5pt 7.5pt 7.5pt'> <p><span style='font-family:"Verdana","sans-serif"'>Last week the Small Business Jobs Act of 2010 was passed. This bill has several tax breaks for businesses. Some of the breaks a very interesting and many of us can benefit from them.</span><br> <br> <span style='font-family:"Verdana","sans-serif"'>The most significant tax break is increases to Section 179 expensing. Section 179 allows small business to deduct the cost of most furniture, fixtures and equipment. Under the old rules small businesses could expense up to $250,000 of qualifying property. Under the new law, for tax years beginning in 2010 and 2011, the $250,000 limit is increased to $500,000. Even more interesting the new law also makes certain real property eligible for expensing. The $500,000 of property that can be expensed can include up to $250,000 of qualified real property (qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property).<br> <br> Similar to the Section 179 deduction businesses were allowed to speed up there deprecation deduction by using bonus depreciation. Bonus depreciation allows a business to deduct 50% of the purchase price of most new personal property. The new law extends the bonus depreciation to 2010.<br> &nbsp;<br> The new law increases the first year deduction of startup costs from $5,000 to $10,000. Startup costs are expenses that would normally be deductible except that occurred before a business is officially open for business. Once a business opens for business all of the startup costs are accumulated and under the old law the first $5,000 is deducted immediately and the remainder is deducted over 15 years. Under the new law the first $10,000 is deducted immediately and the remainder is deducted over 15 years.&nbsp;<br> &nbsp;<br> A couple other tax breaks that will affect many of us are a little more technical in nature. The new law allows business owners to deduct the cost of health insurance incurred in 2010 for themselves and their family members in calculating their 2010 self-employment tax. Why just for 2010? Don t get me started. Also cell phones are removed from listed property category. This means that cell phones can be deducted or depreciated like other business property, without onerous recordkeeping requirements.</span><br> &nbsp;</p> <p><span style='font-family:"Verdana","sans-serif"'>A couple other breaks seem to encourage the sale of businesses.<br> <br> First the new law gives a 100% exclusion of gain from the sale of small business stock for qualifying stock acquired after Sept. 27, 2010 and before Jan. 1, 2011. Small business stock is stock in a C Corporation that has gross assets less $50 million (the government has a very different definition of small business than you and I) and is engaged in active business. In other words if you start a new business in a C Corporation after September 27 and before the end of the year and you hold on to the company for at least 5 years,&nbsp;when you sell&nbsp;the stock&nbsp;you will not have to pay tax on the gain.<br> <br> The other is a break for selling the assets of a converted S corporation. Generally, a C corporation converting to an S corporation must hold onto any appreciated assets for 10 years following its conversion or face a business-level tax imposed on the built-in gain at the highest corporate rate of 35%. The new law shortens the holding period of assets subject to the built-in gains tax to 5 years if the 5th tax year in the holding period precedes the tax year beginning in 2011.<br> <br> There are some other tax breaks that all though they are interesting they probably will not be helpful for most of us. </span><br> &nbsp;</p> <p><strong><span style='font-family:"Verdana","sans-serif"'>WARNING</span></strong><span style='font-family:"Verdana","sans-serif"'> among other things one of the ways this bill is paid for by increasing penalties for not filing 1099s. The law increases the penalties for failure to file a correct information return from $15 to $30, and the calendar-year maximum increases from $75,000 to $250,000. The minimum penalty for each failure due to intentional disregard increases from $100 to $250. Please remember that beginning in 2012 the requirements for 1099 filing explode. </span></p> </td> <td width="30%" valign=top style='width:30.0%;border:solid #E3BF77 1.0pt; mso-border-alt:solid #E3BF77 .75pt;background:#E3BF77;padding:7.5pt 7.5pt 7.5pt 7.5pt'> <p align=center style='text-align:center'><strong><span style='font-family: "Verdana","sans-serif"'>Don't forget, as a subscriber to TaxThink About It! you may attend our Thursday night calls</span></strong><span style='font-family:"Verdana","sans-serif"'>.</span><span style='font-family: "Trebuchet MS","sans-serif"'><br> <br> </span><span style='font-family:"Verdana","sans-serif"'>Call is every Thursday (except holidays) 3:00 pacific time </span><span style='font-family:"Verdana","sans-serif"'> &nbsp;</span></p> <p align=center style='text-align:center'>&nbsp;</p> <p align=center style='text-align:center'><span style='font-family:"Verdana","sans-serif"; color:#B35408'><a href="http://cts.vresp.com/c/?TaxThink/ceee81e279/7bc87d807d/77e7aad665/v=cYkTemApxms">Get your free subscription to Bob Proctor's Insight of the Day&gt;&gt;</a></span><span style='font-size:18.0pt;font-family:"Trebuchet MS","sans-serif"'>&nbsp; </span></p> <p align=center style='text-align:center'>&nbsp;</p> <p align=center style='text-align:center'>&nbsp;</p> <p align=center style='text-align:center'><strong><span style='font-size: 13.5pt;font-family:"Verdana","sans-serif"'>This Week's Quote</span></strong><span style='font-size:18.0pt;font-family:"Trebuchet MS","sans-serif"'> </span></p> <p align=center style='text-align:center'>&nbsp;<o:p></o:p></p> <p align=center style='text-align:center'><em><q><span style='font-family: "Verdana","sans-serif"'>Congress can raise taxes because it can persuade a sizable fraction of the populace that somebody else will pay</q> </span></em><cite><span style='font-family:"Verdana","sans-serif"'> &nbsp;Milton Friedman</span></cite></p> </td> </tr> <tr style='mso-yfti-irow:3;mso-yfti-lastrow:yes'> <td colspan=3 style='background:#B45503;padding:7.5pt 7.5pt 7.5pt 7.5pt'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'><a href="http://oi.vresp.com/f2af/v4/send_to_friend.html?ch=ceee81e279&amp;lid=123200508&amp;ldh=7bc87d807d"><span style='font-size:18.0pt;font-family:"Trebuchet MS","sans-serif";color:white'>Forward this message to a friend</span></a></span><span style='font-size:18.0pt; 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