You can’t know how big you can save unless you will look into the matter of tax relief. It is important to determine whether you are eligible to reduce the tax obligations that your business is struggling to pay. New legislation is geared towards helping small business acquire some tax relief. The latest reforms include reductions and aid for small businesses. They are as follows.Returns on Income TaxThe number of things included in the smaller tax percent categories (10 and 15) has been widened by the government, thereby having business income taxed at lower categories while the rest of the categories were reduced by two percentage points. With this, small business can enjoy tax relief by using the amount to pay as taxes to be put into further business improvements.Death Tax EliminationThe death tax that was immediately applied when the property of the business assets and management was passed on to family members upon death of the original business owner have, now, been eliminated. Normally, a percentage of the asset’s value had to be paid by the beneficiaries but this has now been lifted off.Taxes on Dividends and Capital GainsBefore, the business (plus the individuals who own the company) paid… Read full this story
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