In Case You Missed It
Small Business Tax Increases on January 1, 2013
Without Congressional action, a large number of tax provisions will expire on December 31, 2012. Many of these expiring provisions were enacted in tax legislation in 2001 and 2003 and reduced marginal income tax rates, marriage penalty rates, and the estate tax. President Obama's plan to expire tax rates for all income over $200,000 for individuals and $250,000 for married couples would raise taxes on thousands of small businesses whose companies are organized as “pass-through” entities, where their business gains or losses are reflected on their individual tax returns. The House of Representatives will vote, during the week of July 30th, to stop this tax increase by extending all rates.
CLICK HERE for a list of expiring 2001/2003 tax provisions that most affect small business (estate tax, AMT, etc)