Small Business Owners Taxes
small business owners taxes
small business owners Getting Crushed by Rising Health Care Costs
Now more than ever, business owners are clamoring to attract and keep good employees. A company’s greatest asset is its workforce, and its becoming harder to provide benefits for them.
What’s Happening
The current recession is placing a heavy burden on America’s businesses, and small businesses especially. Just about every industry, with the exception of the oil industry and a few others, is hurting badly. Retail products, services, real estate, and automobiles have seen a significant slump in sales. Many businesses that want health care are afraid to get it, and many that have health care are finding themselves struggling to afford it. A large number of companies are now even asking employees to make a contribution to their plans, usually about 25%.
The cost of health care is at the center of the health care reform debate. The government is trying to come up with a solution to the mounting financial problems faced by not only business owners, but the nation as a whole. There have been talks of tax credits for employers with health coverage, but no formal resolution has arrived. Furthermore, any bills that do eventually get passed probably won’t go into affect for another four or five years. There seems to be no quick relief in sight for small business owners.
The Good News
Many big name insurance companies (Aetna, Blue Cross, Assurant, Allstate etc.) have realized the need for insurance plans that cater to the small business. Most are offering customizable plans, which are easily accessible and manageable through online databases. These plans are also made to fit the size and needs of any individual business. There are also more plan options available for small business owners than before, giving them some more control and putting money back in their pockets.
What You Can Do
Get some insurance quotes. Use a service like EHealthInsurance and compare rates and plans side by side. The internet provides free, instant access to all the information you need. Hop on Google or Yahoo and look for small business health insurance providers. You can, and you will , save money. Now is the best time!
This article was written by Julian Floyd. For risk-free no-obligation insurance quotes, visit http://www.esmallbusinesshealthinsurance.com
About the Author
This article was written by Julian Floyd, to compare insurance plans visit http://www.esmallbusinesshealthinsurance.com
Will a small business owner really cut jobs because his taxes go up a few thousand dollars?
All the greedy rich folks are trying to get us to believe that if taxes go up a couple of thousand dollars that there will be job cuts. Since it costs ten of thousands of dollars per employee it doesn’t make sense that that small tax increase will force them to cut workers.
What would more likely happen is as the middle class gets stronger there will be more money to spend and even with higher taxes small business owners will have more to take home.
The problem is that they don’t know how the tax system works…so in their minds it isn’t a few thousand dollars.
When they hear Obama is going to raise the rates on 250k and over from 33% to 36%…they take an example like 350k and apply the extra 3% to it to get 10.5k.
The correct way to do it is to take the amount OVER 250k…which in this case is 100k…then take the extra 3% to get 3k.
So for someone making 350k…they have to pay an exta $3,000 a year. That is about 2.5 days of work for someone making 350k.
But you won’t get that through their skull.
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