Tax Bill Yields Results

Posted by accountingweb on Mar 14 2000 132 printer friendly

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A tax provision passed last December was repealed that required small business owners who sold their companies to pay tax on the entire values of the sale in the same year they sell, despite using seller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

Even though any accounting auditor would tell you it seems like there are an awful lot of tax accountants out there, surely one-third of the country isn't made up of tax preparers, so it's rather startling news to learn that one-third of Americans like to do their taxes. Who knew?

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