Archives for January, 2013

On January 2^nd President Obama signed into law the American Tax Payers Relief Act (ATRA 2012) designed to yank the nation back from fiscal disaster. The effects of the fiscal cliff deal are far reaching and have left many small business owners with a wide range of emotions including relief, frustration and confusion. So what does the fiscal cliff mean for small business in 2013? Below is a look at some of the key elements of the fiscal cliff deal and the possible effects they may have on small business.

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Fiscal Cliff Deal

Early this morning, the U.S. Senate, by a vote of 89 to 9, passed a bill designed to back the nation away from the fiscal cliff—potentially averting a critical challenge to the nation’s economic recovery and forestalling a feared negative reaction from the stock markets upon opening Wednesday morning. The agreement means an increased tax bill for those earning more than $400,000—as the current top rate of 35 percent rises to 39.6 percent.  Read More