Monday, April 27, 2009

Small Business Taxes To Skyrocket

Contractors beware! According to Monday's Washington Post, small businesses with profits in the range of $500,000.00 per year, and whose owners file income taxes as Subchapter S corporations - putting business profits on their individual tax returns - should expect to see a 19% increase in the income taxes they will pay on those earnings under the Obama administration's proposed $1.3 trillion increase in taxes on the "rich" over the next ten years. Ouch!
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