New Upcoming Tax Proposals for 2015

Proposal 1: the Buffet Rule - the current administration is proposing to implement a FST (fair share tax) on taxpayers with high incomes.

Proposal 2: the Self-employed Contributions Act (SECA) - this proposal would require business owners who materially partake in providing services to pay a tax on their distributive shares of income from a partnership, LLC or S corporation.

Proposal 3: Allowance of potentially up to $20,000 of new business expenditures to be deducted in the taxable year in which a trade or business is established, and to remunerate the remaining amount payable over the 180-month period starting with the month in which the business initiates its start.