opinion Brian Calley Published 10:18 PM EDT Mar 19, 2019 Michigan’s comeback didn’t happen by accident. Businesses have succeeded and grown due to tax reform in 2011 that made our system simple, fair and efficient. These changes put an end to the double taxation that burdened small business owners under the last two tax codes and we have seen small businesses flourish as a result. Business in Michigan is booming and it’s critical that any changes don’t impede on our progress. This month, Gov. Gretchen Whitmer presented her Fiscal Year 2020 budget recommendations to the Legislature. Unfortunately, the governor proposed a 41 percent tax increase on Michigan’s small businesses. The Small Business Association of Michigan strongly opposes a new tax. Requiring S-corps and LLCs or “pass-through” companies to pay a corporate tax amounts to double taxation because they already pay taxes on their business income on their personal tax return. The … [Read more...] about Opinion: Small business tax would kill Michigan jobs
Help with small business taxes
January tax checklist for small business
By Barbara Weltman Published January 28, 2019 Small Business FOXBusiness Facebook Twitter Comments Print video Helping small businesses compete with Amazon Prime on shipping Deliverr co-founder Michael Krakaris on how the company helps small businesses compete with Amazon Prime on shipping. The start of the year is always a busy time for entrepreneurs and small business owners. There are new laws and regulations to comply with, such as changes in minimum wage rates in your location. Continue Reading Below And taxwise, January is a very hectic month. Here are some tax matters to be sure you have checked off as we close out the first month of the year. MORE FROM FOXBUSINESS.COM... A REVERSAL OF THIS OBAMA-ERA JOB-KILLING RULE IS 'URGENTLY' NEEDED WHY AMERICA'S SMALL BUSINESSES AND ENTREPRENEURS WIN UNDER USMCA Adjust to sales tax changes You may have to collect sales tax on the goods and services you sell and remit the tax to … [Read more...] about January tax checklist for small business
Why America’s small businesses and entrepreneurs win under USMCA
By Karen Kerrigan Published January 22, 2019 Opinion FOXBusiness Facebook Twitter Comments Print video Trump on USMCA: An agreement that benefits working people President Trump on the impact of the USMCA deal with Canada and Mexico. The United States-Mexico-Canada Agreement (USMCA) was signed by President Trump and his fellow leaders at the G20 in Argentina. The accord modernizes the decades-old NAFTA and is chock full of meaningful provisions that will help American small businesses boost exports and safeguard their intellectual property (IP). Continue Reading Below Congress needs to approve USMCA as soon as possible. MORE FROM FOXBUSINESS.COM... WHY THE US CHAMBER SUPPORTS USMCA NAFTA 2.0: WHAT TO KNOW Small businesses drive the U.S. economy, and they certainly dominate trade with Mexico and Canada. Thirty million small businesses employ more than 58 million American workers. They also account for roughly half of U.S. GDP. … [Read more...] about Why America’s small businesses and entrepreneurs win under USMCA
Small-business tax law befuddling
President Donald Trump speaks with reporters after signing the tax bill and continuing resolution to fund the government in the Oval Office of the White House in Washington in December of 2017. NEW YORK -- Millions of small-business owners will be in uncharted waters this tax season as they try to determine if they qualify for a deduction that could exempt one-fifth of their income from taxes. Five months after the IRS issued guidelines to help business owners and tax advisers understand how the complex deduction works, accountants and tax attorneys still have questions. Even those who have attended seminars and workshops about the new law have left scratching their heads, especially about a section that bars service providers like doctors, lawyers and consultants from claiming the deduction. Some of these company owners have businesses that don't easily fit into the IRS guidelines or proposed regulations the agency has also issued. "There's a lot of conflicting advice out there," … [Read more...] about Small-business tax law befuddling
Small business tax deduction has CPAs scratching their heads
NEW YORK — Millions of small business owners will be in uncharted waters this income tax filing season as they try to determine if they qualify for a deduction that could exempt a-fifth of their income from taxes. Five months after the IRS issued guidelines to help business owners and tax advisers understand how the complex deduction works, accountants and tax attorneys still have questions. Even those who have attended seminars and workshops about the new law have come away scratching their heads, especially about a section that bars service providers like doctors, lawyers and consultants from claiming the deduction. Some of these company owners have businesses that don't easily fit into the IRS guidelines or proposed regulations the agency has also issued. "There's a lot of conflicting advice out there," says Jeffrey Berdahl, a CPA with RLB Certified Public Accountants in Allentown, Pennsylvania. "It's going to be like the Wild West." THE BASICS The deduction is aimed at giving … [Read more...] about Small business tax deduction has CPAs scratching their heads