In the wee hours of January 1, 2013, Congress averted the fiscal cliff by passing the American Taxpayers Relief Act of 2012. After months of speculation over the future of taxes and spending, Congress passed a bill that raises taxes on all Americans while deferring spending cuts until the Spring. Those Americans deemed “wealthy” by the politicians were hit hardest. The following is a brief summary of the changes most likely to impact the average Bridge Ventures client, a small business owner in one of the top tax brackets.
Today, the Supreme Court ruled to uphold the Affordable Care Act. Politics aside, this decision impacts small business owners in two ways:
- Beginning in 2014, businesses with over 50 employees will have to offer health insurance to their employees, or face fines.
- Beginning in 2013, the 3.8% Medicare tax will apply to capital gains.