The only things certain in life are death and taxes — and this year, it’s also certain that small business owners are going to bear the brunt of even more taxes. The recent passage of the “fiscal cliff” bill and the implementation of new health care taxes are impacting small business owners, including HVAC contractors. And because Uncle Sam will be taking even more of their hard-earned income in 2013, contractors are focusing more than ever on tax planning and keeping costs down.
Congress passed the American Taxpayer Relief Act (ATRA) of 2012 on Jan. 1 of this year to prevent the so-called fiscal cliff. The bill was signed into law by President Barack Obama on Jan. 2.