Expanded News from David Wilson CPA
 
ESTATE TAXES
Many estates still have to file with IRS for 2010, even with no estate tax. Those with noncash assets exceeding $1.3 million must file Form 8939.
SECA TAXES
In September 2010, Congress passed a law to let self-employeds deduct their health premiums when they figure their SECA tax.

BUSINESS TAX
Individuals planning to buy stock in a small firm should act by December 31, 2010. Gain on a future sale will escape tax.

This break is available only for stock in a regular corporation with assets of $50 million or less. To qualify, the shares must be acquired between Sept.28 and Dec.31, 2010 and held for over five years. The entire amount of the gain is also exempt from the AMT. Stock of companies in the certain lines of business (personal services, banking, farming and oil and gas) is not eligible for the tax break. And the amount of tax gain you can exclude is limited to the larger of 10 times your income tax basis in the shares of $10 million.