Now that the holidays are over, the real “wonderful time of the year” begins for small business owners: Tax season! As usual, the U.S. tax code is full of changes this year. For starters, entrepreneurs face a new landscape of tax rates for higher income individuals: a 39.6 percent income tax rate, a 20 percent maximum tax rate on capital gains and dividends, a 3.8 percent net investment income tax and a 0.9 percent Medicare compensation surtax. New as well are requirements and opportunities surrounding the tax treatment of repairs, improvements, acquisition costs and other common business expenses.
Jan 27, 2014
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