Leasehold improvements made by either the lessor or lessee pursuant to a lease qualify for special tax treatment if placed in service (i.e., the work is completed) before the end of this year and certain other conditions are met. You can:
Talk to a tax advisor for the best way to write off your leasehold improvement costs.
Tax paid by self-employed persons to finance Social Security coverage. In 2007, there are two rates. A 12.4% rate applies to a taxable earnings base of $95,700 or less and a 2.9% rate applies to all net earnings.