New Tax Laws Galore for Small Business Owners
With 2009 tax season just over for many business owners, it’s time to look ahead to the wide variety of new tax rules owners might take advantage of in 2010.
On healthcare reform, the IRS plans to send postcards to 175,000 tax professionals to educate them about the Health Care Tax Credit, and will hold 1,000 workshops for interested business owners. The credit covers 35 percent of health insurance costs now, and rises to 50 percent in 2014. It’s good for businesses with fewer than 25 workers who earn an average salary of $50,000 or less. The credit’s a bit complicated and works on a sliding scale depending on company and salary size.