From the course: Taxes for Small Business
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How tax policy affects your business
From the course: Taxes for Small Business
How tax policy affects your business
- Here's a truth about taxes. Governments don't earn money as they don't really sell anything. But they do have huge expenses. And the main way to pay for those expenses is to tax you and I, either personally or through the businesses we run and sometimes both. Tax policy dictates how much we pay based on tiers or brackets of income tax rates as well as setting guidelines on different tax treatment for different types of income. For anyone running a small business or earning money through contracting or freelancing, it's important to know how your country's tax policy will affect you. Here are three things to consider. First, understand the big picture of tax policy. In the US, for example, capital gains are taxed at a lower level than salary-based income. What's the equivalent policy in your country for small businesses? Understand what the brackets are for your earnings and look beyond the numbers to see how your business in particular is taxed. Passive income, for example, earning…
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