One of the first things strangers said when they came to America was that we were more than just a fast-food restaurant and a department store. The success of companies like MacDonald's and Wal-Mart has created a close global perception that America is run by the company, but it does not. The majority of Americans, about 53 percent in the private sector, work for small businesses. You can also hire best income tax advisors via online.
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With all that happens to them, it is not surprising that politicians often describe small businesses as the backbone of the American economy. There is only one problem. Most of their conversation is little more than a campaign trail.
In other words, they don't offer the same small business owners as the delicious taxes they give to corporations. But with some of the most recent changes to the Tax Code, small businesses can finally get the much-needed income tax help.
The two major pieces of legislation, the Small Business Labor Laws and the Health Reform Act, will increase the amount of credit and cuts that America's small business owners can claim. Let's take a moment to review the three new changes to the tax code.
Health tax credit
Every small business owner who pays for at least half of their employees' health coverage can qualify for a significant tax return. Under current regulations, the maximum credit is granted to companies with ten or fewer employees.
Reduction of healthcare for entrepreneurs
Unless they receive coverage through their partners, most small business owners are forced to pay for their health insurance. The new law allows self-employed owners to reduce the costs of this coverage of business profits and business taxes!