Idea to send: |
Topic | Taxes on businesses |
Content | One thing that would really help small businesses is for the first $25,000 of profit to be tax free. Most small businesses are S-Corporations so all business profit moves directly onto the personal tax returns of the owners. This makes it almost impossible to keep the profits in the company bank account at the end of the year when the owners need to money to cover their personal tax bill. If the money were tax free, it could stay in the corporate account making the business more stable and secure. If would also provide for future investment and expansion if the business was allowed to accumulate capital without the tax penalty that the end of the year brings. I hope you will consider including this in the 100 ideas. |
|