I am a micro business. I am very small, just three people. A lot of times, when the government talks about tax credits or tax breaks for small business, it doesn't even apply to me. It's for businesses with 25 to 100 employees. The government isn't talking about mom-and-pop operations like mine.
That's my biggest tax concern. There aren't a lot of tax breaks for credits for businesses that are my size. We are simply off the radar because we are too tiny.
The only way I can afford to hire one more person is if I make more income. I don't get a tax credit for adding more jobs.
I would also like to see my tax rate come down. For a business my size, to be paying the same tax rate as a much bigger business with much more money is very difficult.
This has to do with my corporate structure. As a limited liability company, any money that I make goes to my personal income. Personal income tax is higher than corporate tax. My tax rate is 30%. That's high for a company my size. It's unfair, but that's the way the tax structure is set up for our business structure.
In case you haven't heard, President Obama wants the wealthiest to pay more in taxes.
