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Small Business Income Tax Guide
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| First Tax Year | $3,060 |
| Second Tax Year | $4,900 |
| Third Tax Year | $2,850 |
| Each Succeeding Year | $1,775 |
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| Standard Mileage Rates for 2007 The standard mileage rate for the business use of your vehicle is 48.5 cents per mile for 2007. You can use the standard mileage rate even if you lease your vehicle. |
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| Increased Section 179 Limit The §179 expense deduction equals $125,000 for 2007. This means you can write off the first $125,000 in equipment purchases you made during the year. You can wait until the last day of your tax year to purchase equipment and still deduct the full $125,000. |
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| Personal Use of Employer-Provided
Car is Taxable Income If you provide your employees with a vehicle for work, and they use it for personal reasons, the value of the personal use must be included in their W-2 salary or wages. |
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| Social Security Tax Ceiling Raised The first $97,500 of your net self-employment income is subject to self-employment tax in 2007. |
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| Self-Employed Health Insurance
Deduction As a self-employed taxpayer, you may deduct 100 percent of your health insurance premiums as an adjustment to income. If you are a shareholder in an S corporation or a partner in a partnership, health insurance premiums paid on your behalf are included in your income. You are allowed a deduction for the premiums as an adjustment to income. |
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