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You’ve jumped through what seems like countless hoops to get your business going. You’ve filled out every form and talked to all the right people. You did all the research and learned from others’ past mistakes. Now it’s just a matter of getting it all done.
Of course this is easier said than done. There are a million things you have to do as a business owner you never dreamed about as a salary or wage worker. Aside from your usual business matters you must now attend to you have to worry about dealing with taxes. Continue reading →
What taxes will go up and what kinds of tax breaks for small business can you expect to see extended in 2013? We did the legwork for you today on notable changes you can expect to see for 2013′s tax law.
For some, Income Taxes will go up in 2013 – Small businesses that have a pass through structure – an LLC, S-Corp, Partnership, or Sole Proprietorship – may be affected by the increase in income tax as whatever profits the business takes in translates into their income. However, this will only affect those in the highest income bracket.
If you are single and make more than $400k a year, or married and make more than $450k, you will be subject to a rather large tax rate increase from 35% to 39.6%. All other income brackets will be taxed at previous, Bush-era tax rates. Continue reading →
If you’re not quite ready to open a brick and mortar storefront for your business yet, our ABC’s for business this week focuses on the next best bet for your start-up - a home based business. Operated out of the home of the owner, the advantages that starting your business from the homestead include:
If you’ve been following our blog for the past couple of Fridays, you know that we’re covering four basic tax tips to consider when forming a new entity. If you missed the first two, read up on the C-Corporation and S-Corporation.