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Top 3 SMB tips for a better 2013
2013 is already off to a fast start, but there are ways small businesses can tweak the way they've been acting to improve the bottom line in the New Year. According to a recent study most SMBs (81%) expect 2013 to be stronger that 2012.
Millennial-aged small business owners, especially, are doing well. According to the Rocket Lawyer survey most millinial SMB owners (68%) saw growth in 2012. Other interesting findings include:
• 53% believe President Obama's top priority should be the economy
• 27% say economic recovery is their top hope for Obama's second term, with over one-third hoping for tax breaks or entrepreneur incentives
• 55% faced legal issues in 2012, but 47% have never consulted an attorney
Still, SMBs are looking ahead and pushing for a better 2013. Here are a few tips from Rocket Lawyer:
First, consult those lawyers. Rather than assuming you understand everything within a contract, or that you can handle 'small problems' on your own, get into the habit of consulting a legal expert early.
Second, put it (and get it) in writing. Contracts, contracts, contracts. For both the small business hiring a new employee and the small business contracted to provide a service, contracts can save a lot of hassle. So get those new deals in writing - and don't forget Rule #1: contact a lawyer.
Third, understand taxes and tax law - or hire someone who does.
"Small business owners need to listen up as the following changes will certainly affect 2013 tax planning: Most importantly, Bush era tax cuts were preserved for all those with income under $450,000 ($400,000 for individuals) which is really most small business owners," said Mark L. Rosenberg, Washington DC Tax Attorney and consultant for Rocket Lawyer. "For taxpayers who earn over $300,000 for joint filers ($250,000 for individual filers and $275,000 for heads of household), deductions begin to phase out at income levels above that amount. This means that the effective rate of tax will increase, since deductions will be worth less to those taxpayers."
Rosenberg also notes that the payroll tax holiday is finished and wage caps for Social Security taxes have changed; SMBs need to plan for these changes now rather than waiting for the end of the year.
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