The American Jobs Act, which is currently being considered by Congress, proposes several important tax changes that would affect startups and small businesses. Some of the most notable aspects of the Act for small businesses are: 1) a proposal to cut the payroll tax in half the taxes paid by small businesses on their first $5 million annually in payroll; 2) tax credits for hiring veterans or the long-term unemployed; 3) a ban on discrimination against unemployed workers when hiring; and 4) an extension of 100% business expensing through 2012.
If you own or are considering starting a new venture, keep an eye on the progress of the Act so that you can be ready for the changes it may bring.
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