Start Planning for Manufacturing Tax Deduction
From KFMR Accounting Tax & Business Consulting:
"If you own a business, you've probably heard of the new tax deduction for manufacturers. It's part of the giant American Jobs Creation Act of 2004, one of the biggest business-focused tax laws to be passed by Congress in the last 20 years. This new tax law was signed into law by the President on October 22, 2004. When Congress repealed a special tax regime for America's exporters within this new law, it created a new deduction for manufacturers. The new deduction is broad and applies to many businesses that may not otherwise be thought of as traditional manufacturers.
The new deduction is one of the biggest changes to the Tax Code in years because it impacts so many businesses in the U.S. Congress also wasted no time in making the new deduction available. It starts next year, so it's critical that you start planning for how to take advantage of this new tax break."
