Potential Tax Changes That Could Impact Small Businesses in 2021

Small businesses are sensitive to tax laws in ways big businesses are not. Most small businesses are pass-through entities that pay taxes at individual rates.

What taxes are likely to change with the new Congress? How will these taxes affect the various levels of wealth?

• Capital Gains Tax- Proposed Change: 23.8% to 43.4%. Currently, long-term capital gains on assets held over one year are taxed at a maximum Federal rate of 20% plus a 3.8% Medicare surtax. President Joe Biden’s reported proposals would raise the top rate almost double to 43.4% in order to help pay for education and childcare proposals.

• Corporate Tax- Proposed Change: 21% to 28%. The proposed infrastructure improvement plan, which includes raising the corporate tax rate to 28% from 21%. This could result in business owners having less income to invest into future business operations, less income to pay employees and even the termination of jobs.

• Estate Tax- Proposed Change: 40% to 45%. With the current $11.7 million threshold, very few Americans ever have to deal with the estate tax. The awareness and need to review any existing plan and or establish a plan is changing quickly with the Biden proposal to revert back to the 2009 level of $3.5 million

Compensation Methods Startups Should Consider


Compensation is a vital part of human resource management, which helps in encouraging the employees and improving organizational effectiveness.

The compensation package offered to a company’s employees is essential not only because it costs money, but because it is likely to be the primary reason the employees work for the company.


Traditional vs Non Traditional Compensation Methods

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