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. (more…)