In spite of what the spin doctors tell you it is impossible for the government to pay for all its new spending by raising taxes only on those earning more than $250,000 per year, even if you raise their rate to 100%. There is far more money to be had by raising taxes on small business and the middle class. It is therefore logical to expect new tax legislation in the near future.
So how do small business owners prepare? I’ve advised my clients to continue to follow their business plans while I follow the tax law changes that will affect them. Once there is a change I will provide guidance on what actions they need to take to keep the big wheels turning while avoiding the speed bumps.
Ask your CPA what effect the potential changes to our tax laws will have on your business. If the answer is “I don’t know” then give me a call at 678-624-4775 or send an email to Peter@TarantinoCo.com.