Bad News: Many Small Businesses May Face Higher Taxes This Year After “Fiscal Cliff” Deal
Thankfully we didn’t go over the “Fiscal Cliff.”
The last minute deal stemmed the tide for now.
But is the deal good news for small business owners?
Check out this article called “Cliff Fix Hits Small Business” by By Emily Maltby and Angus Loten and learn why the recent “Fiscal Cliff” deal might not be a good deal for some small business owners…
“It’s likely to be a year of painful decision-making for small-business owners like Tom Secor of Norwalk, Ohio, one of hundreds of thousands of Americans who could face a higher tax bill after Washington’s last-minute deal to avoid the fiscal cliff.
“Mr. Secor co-owns Durable Corp., a 90-year-old maker of rubber mats and loading-dock bumpers with 36 employees and just under $10 million in revenue last year. Because the company is structured as an S-Corp, or partnership, the 55-year-old Mr. Secor and his four partners each pay taxes on their share of the profits at their personal income-tax rate. In Mr. Secor’s case, that rate was 35% last year.”
