Small Business Tax Increases on January 1, 2013
Jul 19, 2012 -
How Will Taxmageddon Impact Your Small Business?
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.
This page will provide a one-stop shop for information regarding the impact of the expiration of these taxes on your small business:
CLICK HERE for a list of expiring 2001/2003 tax provisions that most affect small business (estate tax, AMT, etc)
CLICK HERE for a list of expiring tax extenders affecting small business
CLICK HERE to find out how many small businesses will be impacted by the President's tax proposal
CLICK HERE to read the study that proves the President's tax proposal will cost 710,000 jobs