Important Changes for 2001

The following are some of the tax changes for 2001. For information on other changes, see Publication 553.

Section 179 deduction. For 2001, the total cost you can elect to deduct under section 179 of the Internal Revenue Code is increased to $24,000. For information on the section 179 deduction, see Depreciation in chapter 8.

Self-employment tax. The maximum net self-employment earnings subject to the social security part of the self-employment tax increases to $80,400 for 2001.

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