After months of debate about the looming fiscal cliff, Congress has finally struck a deal. But, what exactly does that mean for business owners? The deal does affect business owners in a variety of ways. Here are a few of the key tax implications worth considering as we move forward into 2013.
- The first change that has received lots of media attention is the tax increase for those making over $400,000 ($450,000 for couples). For business owners who have a total income over this dollar amount, the tax rate will jump from 35 percent to 39.6 percent.