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Small Businesses – How Much Revenue Do They Contribute?
The economy of the United States is largely supported by the revenue raised through the operations of small businesses. Statistics have it that, about 10 years ago, small ventures constituted 99% of all employers and accounted for 51% of the national income. Small businesses provide new employment for people every year. Between 1994 and 1998, the sector was seen to create 11.1 million jobs for the youth, the older workers and women in particular.
For this reason the government in America tends not to rubbish the input that these ventures have on the growth and sustainability of the economy and instead give support to entrepreneurs, so that they grow even further. In addition, it is now looking out for people living with disabilities, as they have been found to be very interested in running their own enterprises, no matter how small. In fact, people with disabilities have beaten the record of the self-employed citizens.
There is even an association that has been put in place to look into the issues of the people with disabilities. The association is known as The Disabled Businessman Association and it estimates that 40% of home based enterprises are operated by these people. They have been found to do accounting services, air conditioner repairs, counseling services, farming, real estate office among many others.
The SBA, which is an agency set up by the government to take care of the issues facing the enterprises, has established specific definitions that relate to the small enterprises. It defines a small enterprise as one that has less than 500 employees. It goes to the extent of financing the enterprises so that they can start off. It also gives advice to the enterprises on how to run and manage their operations.
Maximize Small Business Tax Deductions and Tax Credits For 2009, 2010
Owning a small business can give you an edge at income tax time, if you are armed with as much information about business tax credits and deductions as you can.
Since small business owners are three times more likely to be audited by the IRS than a non-owner, it is very important to have accurate information, and to make sure you qualify for the credits and deductions you are claiming.
This article will touch on a few tax deductions available to business owners.
What deductions can you safely claim? You can claim business tax deductions on things that are reasonable and necessary to run your business. This could include your home office, office supplies, furniture and equipment, mileage necessary to operate your business, travel, dinner and entertainment expenses.
It can also include real estate tax, mortgage interest, depreciation costs, insurance, rent, security systems and utilities and services like phone, internet and garbage collection. Health insurance cost and liability insurance costs may be taken as deductions.
With this many items or more to think about, it is important that you have the most recent and accurate information about small tax credit and deductions.
It is also important to know about self-employment tax as your obligation for contributions to social security and any real or potential retirement contributions to a SEP/IRA. There is help for you.
Since I know that as a small business owner you are independent minded and like to do things on your own, you may find an on-line small business tax preparation program helpful. Such a program can walk you through all the deductions and credits, so that you will know when you file that you have taken advantage of all the credit breaks you deserve, and have met all the qualifications required by the IRS.
You want to feel that if you are one of the “three times more likely”, that you are in the best possible standings you can be for that audit.
Owning a small business can be rewarding and give you a break at tax time. Make sure you have as much accurate information about small business tax credits and deductions that you can. An on-line tax preparation program may be just what you are looking for to keep that edge.