Small Business Jobs Act May Hurt More Than It Helps
With President Obama's signing of the Small Business Jobs Bill into law, 2010 is becoming a year of major tax law change. "I do not know how average Americans are supposed to know what to expect with regards to taxation when the tax laws seem to change on an almost daily basis," said Toby Mathis, President of BOSS Business Services in Las Vegas and author of Tax-Wise Business Ownership. "If you are a small business and do not have a full-time accountant, you will need to contact an accountant to see if the changes are going to impact your business."
Most small businesses do not have the budget for a full-time accountant and many are struggling just to keep their doors open. "What lawmakers fail to realize is that when they make tax law changes, small businesses inevitably incur more costs because they will have to hire someone to explain how those changes impact the business," added Mathis. "While the changes may be well-intentioned, the fact of the matter is that businesses thrive on predictability so they can do planning - changing laws constantly does not necessarily help small businesses - it oftentimes leads to uncertainty and uncertainty leads to caution and sometimes fear."
With many of the Bush-era tax cuts set to expire, uncertainty seems inevitable.
Where can you learn more about the recent tax law changes and how they might impact you?
Boss Business Services has drafted a special report on the various tax law changes for 2010. The special report includes many of the changes resulting from the Small Business Jobs Act as well as changes set to occur in future years resulting from previous laws passed this year.