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Small Business Owners to be Hurt |
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Bush Tax Cuts - Letting them expire hurts small business owners By Dr. Danielle Babb  Here is what we face with the tax cuts expiring:
Couples earning 375,700 or more will have a 4.6% increase Families earning between 232,950 and 375700 will pay 3% more 210,400 to 232,950 will pay 5% more -- this is the hardest hit class percentage-wise In total, 36 million people reported small business income in 2009. This is 24% of all tax filers. We aren't talking small numbers here. Since many business owners report their income as personal income, many actual businesses will be affected. Many CPA's are recommending that businesses defer their income for next year and try to take it this year if possible, including offering an incentive for those owing the business money to pay up this year. The hardest hit businesses will be small to middle market companies. The biggest issue for small business owners is uncertainty. 5% is a lot for these businesses, and it may mean the difference between paying an extra employee, laying someone off or having to not expand as they planned. Reasonable opportunity that they will slow hiring if they'd planned to do so. Also, some business owners are being encouraged to delay end of year 2010 bonuses to 2011 so they can take the deduction next year. This could affect holiday spending. 30% of the nation makes their living from a small business that will be affected by these increases. |
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