With April 15 behind us, and the 2009 tax season over for most small business owners, it’s time for business owners to think about next year’s taxes – especially in light of the wide variety of new tax rules designed to benefit owners of businesses. There are three major new tax rules of which small businesses should be aware: (1) the Health Care Tax Credit, (2) the HIRE Act, and (3) the Small Business and Infrastructure Jobs Tax Act of 2010 (a bill still moving through Congress).
There are many benefits to owners of small businesses provided by new healthcare reform, as discussed in the previous blog, The Health Care Law and Small Businesses – Incentives. In order to for small businesses to take advantage of these tax credits, it is important for small business owners to be aware of what is needed to qualify. To help business owners, the IRS plans to hold workshops for interested business owners to educate them about the Health Care Tax Credit. It’s never too soon to start thinking about the future of your business’s taxes, and taking advantage of this kind of assistance will only help your business thrive.
The Hire Act (Hiring Incentives to Restore Employment), offers employment tax breaks for businesses hiring workers who were previously unemployed. If the employees stay employed for over a year, the business gets an even greater benefit. Although this Act is not simple to comply with, a calculator has been created by Paychex to help businesses determine what the benefit to your business might be for hiring and retaining a qualified employee under the Act.
The Small Business and Infrastructure Jobs Tax Act of 2010 has passed in the House and is on its way to the Senate. Although it is not in its final form yet, in its current form it has the potential to impact estate planning for many business owners. Although the bill is not without its problems, if passed, it would exclude from taxable income all gain from the sale of private company stock acquired between March 2010 and the end of 2011.
Although there are not any new tax laws directed at Ohio specifically, the tax system in Ohio is already one of the best around. In 2005, Ohio implemented a full-scale, sweeping tax reform, which will be fully implemented for the first year this year. This tax reform means that the tax burden will be reduced by up to 63% by 2010.
The new tax rules implemented will inevitably benefit small businesses both in and out of Ohio. With the headstart that Ohio already has, these tax benefits will only help propel Ohio small businesses. Taking advantage of the assistance provided to help understand these new tax laws will only help your business continue to grow. If you have any questions about the new tax laws or Ohio’s existing tax laws, contact an Ohio small business lawyer.
Crumpton Law LLC is a Columbus Small Business Law Firm, with attorney Matthew Crumpton serving as managing member and lead counsel.
Tags: ohio business taxes, ohio taxes, small business, small business taxes, taxes
