10 Changes in 2009 Federal Business Taxes

Published Jan. 17, 2010 at 9:03 p.m.
There are a few important changes in business taxes for the tax year 2009. Some apply to S Corporations, others to business expenses, COBRA premium assistance, and differential wages.

Here are highlights of some of the most important changes in business taxes for 2009.  You can click on each link individually, or browse the entire image gallery of tax changes.

Enter Gallery of Tax Changes for 2009

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1. Changes in 2009 Self-Employment Tax Rates
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2. Increased Business Meal Deductions in 2009You can now deduct 80% of business meals while traveling on business.
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3. IRS 2009 Business Standard Mileage Rate for Business Use of Your CarThe IRS allows you to deduct certain expenses for business or charitable use of your car.
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4. Credit for Employer Differential Wage Payments
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5. Delayed Income Reporting for Cancellation of Business DebtCancelled debts may count as income to your business.
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6. New Employers Forms for 941, 943, 944 and 945 Tax FilingsIRS Form 941
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7. 2009 S Corporation Penalties for Filing LateForm 1120S Corporation
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8. COBRA Premium Assistance Credit for Employers
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9. 5-Year Carryback of 2008 and 2009 Net Operating Losses (NOLs)As promised by President Obama, in 20009 the IRS now allows for a 5-year carryback on NOLs for ESBs.
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10. Capital Gain Tax Rate Reduction for Corporations With Qualified Timber Gain

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10 Changes in 2009 Federal Business Taxes originally appeared on About.com Women in Business on Monday, January 18th, 2010 at 02:03:50.

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