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Tax and Retirement Planning

By Ronald L. Seigneur
November 29, 2004

The 2004 American Jobs Creation Act (AJCA) creates several tax breaks for businesses and made some other significant changes. This article highlights the more prominent provisions of the AJCA that affect businesses and individual taxpayers generally, and that to some extent have specific impact on law firms and other professional service providers. The Working Families Tax Relief Act, also enacted in 2004, primarily extended many expiring tax benefits. This latter Act is not covered in this article, but readers should note that detailed information on both of these Acts is available on the Internet and from your professional tax advisers.

New Tax Deduction

Using what appears to be a novel way to stimulate the economy, the AJCA legislation includes a new tax deduction for business income from domestic manufacturing and production, including income from farming and construction (but not from other types of businesses such as restaurants).

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