Hillary Clinton in her election campaign promised to make process of starting a small business easy. Her plan includes many things, which include:
Providing tax relief and simplification for small businesses: Hillary wants to form a standard deduction for small business owners just like the one that people can claim.
The proposed standard deduction is for business owners who run businesses out of their homes, running local small independently owned stores selling their products or services on online portals such as Etsy and eBay, consistent with the campaign, which indicates they would not have to file forms pointing overhead costs, consisting of PCs and telephone use. The use of that standard deduction is optional.
Hillary Clinton also proposed how huge the standard deduction should be or how small businesses have to be classified to prevent larger agencies or affluent people from benefiting. For this, the campaign said she’d ask the Department of Treasury to work with small business owners and policy experts to come up with the details.
Hillary also would allow small businesses directly write off $1 million in new investments. At present they can write off $500,000.
She additionally wants to make it less difficult for businesses with only 50 personnel to meet the requirements for the health care tax credit that businesses can take if they offer insurance to their employees.
Well it is unclear that how much Hillary’s suggestions would cost or how she would advocate paying for them. Her default policy to pay for new solutions and tax breaks has been to tax affluent households.
Furthermore, she would quadruple the tax deduction that new businesses can take for their start-up expenses. Presently they can write off $5,000 of start-up expenses assuming those expenses do not go beyond $50,000. According to Clinton, they could write off up to $20,000.
She would also let the entrepreneurs – those with $25 million or even less in gross receipts – to select a less difficult accounting technique than usually required for tax functions.
Minimizing licensing burdens: about 25% of employees ought to be licensed to work in their professions, up from below 5% back in the 1950s.
While many licenses are important to guarantee public health and safety, not all are. In either case, the time and cost of acquiring them can be an obstacle to access for many, as can policies that require workers to get re-licensed when they go to a new state.