A bi-partisan proposal in the Senate (S. 3136) would let small businesses (those with fewer than 500 employees) fund a tax-deductible start-up savings account. The deduction would be limited to the lesser of $10,000 (adjusted for inflation) or $150,000 reduced by the aggregate contributions to the account for all taxable years. The funds could be used to start or expand a business.
Find the free, online Supplements for my tax books here and here.
