Hi all...

Just for anyone who may be self-employed, S-Corp, and a software developer... Per the IRS, there was a new tax deduction made allowable for software developers... yes us...

Anyhow, my wife just found from one of her publications an article on

http://www.natptax.com/n2005-14.pdf


Regarding Section 199, based on breakdown of shareholder distribution (if self-employed, entire distribution of deduction is to yourself) and can reduce your reported income...

simple value on the IRS form schedule K-1 line 12 - code = Q, and it apparently allows up to 3% of AGI as a deduction, but this is first pass review of the tax code...

Just thought I'd pass it on...