A proposed bill called the Small Business Owners’ Tax Simplification Act (H.R. 3717) would make a number of favorable tax changes. One key proposal: allow the deduction for medical coverage of a self-employed individual, which is treated as a personal rather than a business deduction, to be a reduction for self-employment tax purposes. This would be a significant tax cut for self-employed individuals. Another proposal: change the estimated tax due dates so that June 15 becomes July 15, and September 15 becomes October 15, making payments truly quarterly. The bill is supported by the SBE Council.
Barbara Weltman
Big Ideas for Small Business, Inc.
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