1. Tax Reform: The Impact on Your Business Presented by Robert LeMay, CPA of LeMay & Company A Virginia Certified Public Accounting Firm

3. Enhanced small business expensing (Section 179 expensing)

4. First-year depreciation cap for 2011/2012 autos and trucks boosted by $8,000

5. Cell Phone treatment

9. New rules, for tax years beginning in 2010 and 2011, the $250,000 limit is increased to $500,000 and the investment limit to $2,000,000

11. 2010, the adjusted first-year limit is $3,060 for passenger cars

12. For light trucks or vans, the adjusted first-year limit is $3,160

13. First-year depreciation limit is increased by $8,000

15. Listed property is property used for business no more than 50% of the time. Listed property includes such items as vehicles, computer equipment and cell phones

17. Old law, the limit of these deductions was capped at $5,000, subject to a $50,000 phase-out threshold

19. Effective for calendar year 2011, Social Security taxes is reduced from 6.2 percent to 4.2 percent, up to the taxable wage base of $106,800

20. Self-employed individuals will get an equivalent tax break, paying 10.4 percent on self-employment income up to the wage base (reduced from the normal 12.4 percent rate)

21. Replaces the Making Work Pay credit that has been in place for 2009 and 2010

23. Under pre-Act law, wages for purposes of the credit doesn't include any amount paid or incurred for an individual who began work after Aug. 31, 2011.

25. Generally, the percentage of qualifying wages is 40% of first-year wages; it's 25% for employees who have completed at least 120 hours, but less than 400 hours of service for the employer

26. For LTFA recipients, it includes an additional 50% of qualified second-year wages

28. Was temporarily increased to 75% for stock acquired after Feb. 17, 2009 and before Jan. 1, 2011

29. New Law temporarily increases the exclusion yet again, to 100% of the gain from the sale of qualifying small business stock

30. Must be acquired in 2010 after September 27, 2010

32. Hold onto any appreciated assets for 10 years or face a built-in gain tax at the highest corporate rate of 35%

34. Self-employed individuals and their family members, including partners and sole proprietors, two percent shareholders of an S corporation, and five percent owners of the employer are not treated as employees

35. To qualify:

36. Contribute at least half the total premium cost

37. Have no more than 25 full-time equivalent employees (“FTEs”)

39. For tax years 2010 through 2013, the credit is 35% of premiums paid

40. Beginning in 2014 increases to 50%

41. Number of FTEs is equal to the total hours paid divided by 2080.

42. 15 employees worked 18,720 hours, FTEs would be 9

43. Average FTE wage equals your total payroll divided by the number of FTEs.