The Small Business Jobs Act of 2010

The Small Business Jobs Act of 2010 was enacted on September 27, 2010 and contains a tax provision that many self-employed persons will be able to take full advantage of.  For tax year 2010 only, self-employed persons will be able to deduct their health insurance premiums as a business expense that reduces their self-employment tax and their income tax.  For tax year 2009, health insurance only reduced income tax only; for 2011 and future years, the health insurance deduction will revert back to being deducted only against the income tax unless Congress decides to extend this tax break. 

To read a summary of the other tax provisions included in the Small Business Jobs Act of 2010, you may go to the following link:   http://www.irs.gov/businesses/small/article/0,,id=230307,00.html#2042