SmallBusinessNewz

Taxes way heavy on everyone, but the burden they create for small businesses is nearly unbearable. Fortunately, that burden was not kept quiet and a resolution is currently in the works.

Congress is considering several proposals that would make the tax filing process easier and would lighten the overall tax load for small businesses.

The first proposal would create a standard home-office deduction for home-based businesses. The Small Business Administration's Office of Advocacy is working to get the Internal Revenue Service (IRS) to modify its rules and permit this practice.

The next proposal would allow more businesses to use cash accounting instead of the unpopular accrual accounting method. Under this measure, the gross receipts threshold would be raised to $10 million a year.

Another proposal would permanently raise the limit on Section 179 expensing. In the past two years, Congress raised the limit temporarily. In 2007, a $125,000 limit was allotted; and in 2008, Congress offered a $250,000 limit.

Find out more details on all these proposals in the SmallBusinessNewz video report.