Under the previous tax law, Sandra Payne's construction equipment manufacturer had a 15% tax rate on the first $50,000 in income. Under the new law, that rose to 21%.
Small Business News
In addition, there are benefits to your bottom line for providing medical coverage to your employees.
Fortunately, lawmakers have the chance to fix this problem, and small business owners support a solution already on the table.
While larger business groups opposed details in the bill, many small businesses backed it. Hunter Railey, with the Colorado Small Business Majority, said he hopes Democrats don’t delay implementation of a statewide leave program.
The U.S. Small Business Administration's 2019 National Small Business Week kicks off on May 5 and 6 with awards ceremonies in Washington, D.C.
But the Small Business Majority, a nationwide group representing 58,000 small businesses, said it supports the bill. A spokesman said it's easier to contribute to a fund than to find, hire and train qualified workers.
Currently 58% of businesses with 2-10 employees don’t offer any type of paid leave for their employees, and these businesses comprise the majority of businesses in Colorado.
As an owner of an employee benefits business, I’m not surprised by the bad experiences some customers are having with the skinny insurance plans President Trump supports. Sadly, these plans are not only bad for individuals–they also hurt our economy.
Like BRTR, Small Business Majority, an organization advocating for Main Street businesses, suggests a tax deduction of the first $25,000 for small businesses and the self-employed.
But I have other suggestions for small-business friendly tax policies, including:
Janico, a janitorial services company in North Highland, Calif., always offered a comprehensive benefits package, including health insurance, vacation days and holiday pay — but it could never include a retirement plan.