Entrepreneurs are likely finishing up their 2009 tax filings. As they prepare to leave last year’s finances behind them, it might be wise to look ahead to tax trends for 2010. One small business resource center offers some insight on what the coming tax year may hold for the small business community.
To start, they predict higher taxation rates. The source says experts predict that small businesses will pay higher taxes to cover the cost of healthcare reform. Additionally, state and local taxes may increase as communities work toward economic recovery.
The source also theorizes that tax enforcement will be strong in 2010. The House of Representatives has approved a $5.5 billion increase in the IRS budget for 2010 which might mean the agency will approve more tax audits.
This may sound like a lot to handle, but business owners might be happy to hear that another predicted change for 2010 is an increase in the advantages offered by business incorporation. With a changing tax climate, incorporation tax savings may mean it’s a better time now than ever to start a company.
Entrepreneurs who act fast can take advantage of the recently passed Small Business and Infrastructure Jobs Tax Act that promises to bring new tax benefits to startups.
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