Tax Incentives For Small Business Owners

Small Business Tax Fairness and Simplification Act of 2007 - Amends the Internal Revenue Code to:
(1) allow self-employed individuals to participate in cafeteria pension plans;
(2) allow long-term care insurance under cafeteria plans and flexible spending arrangements;
(3) allow accelerated amortization of certain intangible assets (e.g., good will) acquired from a small business;
(4) increase the tax exclusion of gain from the sale of certain small business stock;
(5) provide a $2,500 standard tax deduction for home business expenses;
(6) permit certain small businesses to elect a taxable year ending in a month from April to November;
(7) increase the allowable number of S corporation shareholders; and
(8) exempt certain small businesses from withholding of tax requirements for payments made by government entities.

If you need help preparing your business tax returns, call a tax professional that will ensure you receive all the appropriate tax credits on your returns.