New Tax Rule for Small Business
Last week the Internal Revenue Service made a decision that will make taxes a little easier for small business owners.
The IRS wrote a letter to the National Federation of Independent Businesses stating that small business will no longer be required to justify the difference in their credit card receipts and business income.
According the the NFIB this move is important because it is difficult for many small businesses to monitor every small credit payment. Opposition to the new rule argue that small businesses pay too little in taxes.
Before you start worrying about you 2012 taxes, take comfort in the new IRS decision that eases the requirements for small businesses.