Small Business News: The Taxman Commeth

With the close of 2010, it’s time to start thinking of tax season again. How you slice off the government’s share is of tremendous importance when planning for your small business’s survival and while tax codes can vary greatly depending on the area where you happen to do business, dealing with taxes in general is an important part of any business. Here’s a roundup of information we hope will help:

Getting Ready

Tax deadlines to keep in mind. Many people here in the U.S. may not be thinking of tax time until closer to April, but the end of the fiscal year is a good time to start getting yourself organized for approaching tax time. Here’s an invaluable timeline that should help you avoid important steps in your tax preparation process. Fox Business


Why should we choose between high deficits and tax relief? Knowing as we do that small business fuels economic recovery, it’s hard to appreciate rationale that advocates saying no to tax relief for small business AND the tax paying public at large. After all, economic recovery lead by small business will depend on increased consumer buying power and small business’s ability to reinvest what they earn. But higher deficits could also lead to tax hikes down the road. The Christian Science Monitor

Another failed plan for economic recovery. For some reason, governments rarely do what small businesses must when economic times are hard. Instead of cutting spending a “lame duck” Illinois legislature is contemplating killing the goose that lays the golden eggs, or small businesses and their customers, the tax payers. This plan is a textbook example of how not to get out of a crisis. Pajamas Media


Tax benefits of small business credit cards. In addition to simplifying business transactions and building credit for your small business while making it easier to set overall spending limits, small business credit cards can also greatly simplify and streamline the tax preparation process with a very simple system of itemization.


Changes in the 2011 tax law that affect you. OK, so you’re facing another tax season, not your favorite time of year anyway and you’re now trying to figure out how all the changes in the tax law over the best year will impact your small business. Well, we’ve got an overview that will get you on the right track. So take a few minutes and get up to speed. Daily Dose

Small business down but this doesn’t tell the whole story. Though mainstream media reports can often reflect an overly pessimistic view there are plenty of positives here that should be noticed. (See the link to Ali Brown’s post below.) For example, an up tick in plans for more hiring is also in the data for this monthly survey and other factors may signal a move in the right direction soon for small business. On The Money


Is healthcare reform good or bad for small business? It depends upon who you ask. John Arensmeyer, for example, founder and chief executive officer of Small Business Majority, thinks small business leaders in particular should think long and hard before backing a push to repeal the Patient Protection and Affordable Care Act insisting it will reduce healthcare costs for small businesses in the long run. (We’re skeptical, of course.) Bloomberg Businessweek

“Benefits” of healthcare reform uncertain. But whatever the supposed benefits of the new healthcare reform legislation might be, they are certainly not apparent yet. Whatever its results, the new healthcare reform package will impact small business perhaps most of all, says Scott Shane, Professor of Entrepreneurial Studies at Case Western Reserve University. And it’s far too early for them to start celebrating. Bloomberg Businessweek


Ok, the tax climate still isn’t what it could be. But there’s a feeling in the air that 2011 could be the year for small business, the year we turn the economy around. As small business mentor and coach Ali Brown so colorfully puts it, “After two years of economic constipation, entrepreneurs are the giant dose of fiber that’s going to get things moving again.” Forbes


Australian small businesses push for Goods and Services Tax for online imports. The group wants discussion of a GST on online imports discussed as part of an upcoming Tax Summit, though Prime Minister Julia Gillard has apparently commented that it will not be on the agenda. Would a GST ultimately be good or bad for small businesses in Australia? Share your thoughts below. Dynamic Business


Joshua Sophy Joshua Sophy is the Editor for Small Business Trends and has been a member of the team for 16 years. A professional journalist with 20 years of experience in traditional media and online media, he attended Waynesburg University and is a member of the Society of Professional Journalists. He has held roles of reporter, editor and publisher, having founded his own local newspaper, the Pottsville Free Press.

3 Reactions
  1. I think that health care reform is a great idea. I have type 1 diabetes and for me to get insurance, it was a nightmare until I found “Wise Health Insurance” search for them online and you can get affordable health insurance instantly.

  2. Thanks so much for this highly informative blog. Small businesses sure can use all the help they can get and I love that you’ve included succinct trends and tips here. Thanks so much!