I have a right leaning friend/coworker who also owns a small construction support business with her husband. This morning she sent me an email claiming that the small business tax credits are "just one of the many things said about the new bill that are not true!".
I responded with the following:
It is true:
http://www.irs.gov/...
http://www.irs.gov/...
http://www.boston.com/...
http://www.healthcare.gov/...
...Along with several bullet point examples.
She replied with the following:
I employ more than 150 workers but the annual gross profit of the company qualifies me as a small business. My profit margin is just - - that marginal.....because I employ so many people I am not entitled to the credit ....but by all other numbers I am a small business....
the problem is the bill was put together by people who never ran a business so don't understand all the costs of running one....
I offer health insurance and pay 50% of it - that said, I also employ a 3/4 FTE just to administer the health insurance.....I receive no credits for any of it.....
I predict I'll be out business on the new regulations alone with all the added costs....
there is a reason I still work a full time job.....
My response:
I sympathize with your situation, but there is a difference between "it's a lie" and it doesn't apply to me...
Is there nothing in this act that applies to your company? Have you or your accountant investigated it? I am going to do some research for you. I expect we can find some benefit for you.
Unfortunately, I lack the gene to understand tax code. Can any of my fellow Kossacks help with examples or links for me/her? I would greatly appreciate any assistance.
The people/knowledge that comprise DKos is the best!
Despite her rightward leanings, she is convincible and will listen... I hope to help her or at least allay her concerns.
Thank you in advance...