There’s been much discussion about “taxing the rich” and making them “pay their fair share.” What may get lost in the discussion are the special taxes already being levied on certain higher income taxpayers—which include many small business owners—in addition to regular federal income tax. One of these special taxes is on earned income and […]
Gas prices at the pump have nearly doubled in one year, causing severe strain on business budgets. This is especially so for businesses that are based on driving, such as delivery services, or that feature deliveries as part of their offerings. Businesses can ameliorate this strain somewhat by being able to deduct the cost of […]
“There are two things people want more than sex and money: recognition and praise.”— Mary Kay Ash, Founder of Mary Kay Cosmetics Small business owners know it’s important to recognize the achievements of employees. It’s been reported companies with formal recognition programs have 31% less turnover and are 12 times more likely to have strong business […]
With National Small Business Week recently passed, it’s a good time to look at how business owners appear on their personal tax returns. The IRS’s Spring 2022 Statistics of Income Bulletin has data on 2020 returns. Here are some highlights for a tax portrait of business owners: Business income and losses reported Of the 164,187,262 […]
