There is much discussion about taxes and regulations, and how changes to the system could have a impact small businesses. Recently, the chatter is also included potential impacts of the Act on affordable health care and reform. But what taxes and regulations really mean to you, your company or small business you work with most often?
We looked for a florist, a mechanic and business owners an insurance agent working with consumers every day -to ask how they handle the new change. We ended up talking to an award-winning designer, find the American dream and learn what it means to be an American entrepreneur. It made it difficult to remember that we wanted to talk about taxes and regulations
In a nutshell, here is how taxes work for a small business :.
- Tax season is every season for a Company. They pay estimated taxes each quarter on the basis of what they did at the same time the previous year. Sometimes this means a small business owner can pay taxes on income they have not yet been made. (This is especially true if they are a sole proprietor, partnership or S-Corp).
- Le Petit tax credit for business health care provides a credit on a percentage of the premiums a small business pays on health care for employees. But it was controversial. The credit does not help directly with cash flow, one of the biggest challenges small businesses.
- Project based or seasonal business owners, as entrepreneurs and repairers, the experience of the fiscal crisis / cash flow even more that companies with stable recurring income. At any time, a company can look rich on paper but have little money to spend, invest or hire.
- If a small business builds its coffers for an emergency (for example need a new air conditioner for office buildings and retail storefront) or the money to hire a new employee, that savings, if sufficiently high, can be heavily taxed.
- something that everyone can do to support small businesses is to shop locally. The more you buy in your own community, most small businesses grow, regardless of taxes or regulations.
Enough with the dry substance tax. If you're like us, you will find stories of these amazing individuals much more interesting.
Find the American dream
Tek Collision Keno, Keith Matus
ERIE customers with insurance Sparks, Kenosha, Wis.
Something to design new
Something new florist and events, Joe Mineo
ERIE customer with Chase Agency, Boardman, Ohio
building from scratch
Mike Masters ERIE Agent
Insurance Agency Masters Dunkirk, Ind.
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