There have been a few changes this year and last year that apply to small business owners, creating a more affordable retirement plan option, and reducing the capital gains tax percentage, to name two. Most of the other changes apply to individuals (which can include you of course), but are not business oriented. I mentioned the office in home deduction change in 1999 above, and there are some other breaks for businesses with increased Section 179 deductions limits (for fixed assets), and deduction of health insurance (30% of premiums paid now; will go to 100% by 2007). And there is a special estate tax deduction for qualified family-owned businesses that comes into effect after 12/31/97. The regulations on some of these changes may be slow in coming, but all tax professionals have information on them, and will be able to help you with your questions.
Always ask about your specific situation; the business owner sitting next to you in class, or on the bus may have a very different situation. Our lives are all different, and there our needs with regard to our businesses, and our tax planning.
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