SBA blog

Tax reform is “the single most critical piece of legislation” that needs to happen in Washington. That’s a personal plea I heard not from a lawmaker or a lobbyist or even the President, but from a small business owner in Pittsburgh.

Sometimes you just want or need to walk away from your business assets…they aren’t productive anymore, you can’t sell them, or you can’t continue making payments on loans used to finance their purchase. What does this mean from a tax perspective?

For many small business owners, thinking about taxes occurs only twice a year … when returns are being prepared and perhaps at the end of the year. This is a mistake.

Individuals whose businesses are incorporated do not have to think about self-employment tax. Any salary they take from their corporations as owner-employees are subject to FICA taxes.

“Giving is its own reward” said social activist Dorothy Day, but the tax law also provides some benefit to those who give.

Many employers have come to learn that veterans make excellent employees. They usually are easily trainable and possess desirable characteristics, such as honesty, loyalty, and responsibility.

As a freelancer, single business owner or independent worker, taxes can get a bit tricky. Instead of waiting for the traditional tax season during the months of March and April, it's in your best interest to pay the government in periodic payments.