Tax Bill Yields Results
In addition to a rise in minimum wage, the recently passed tax bill is generally positive for small business owners, according to analysts and experts who are examining the legislation.
A gradual reduction in the estate tax is viewed as a boon for small business owners, although Democrats disagree with the logic. The 'pro' side sees the reduction as a winner, while Democrats only view it as helping those with greater incomes.
A tax provision passed last December was repealed that required small business owners who sold their companies to pay tax on the entire values of the sale in the same year they sell, despite using seller financing to complete the deal. This was a problem because sales are arranged so that the buyer pays for the company through installment payments.
Also affected are pensions, with a gradual increase in the 401(k) contribution limit. The amount of deductible business meals also rose.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.