It appears as if small business owners in the state of Texas may get a tax cut from the government in the next year. A business with less than 500 employees is considered a small business, and today’s news is reporting franchise tax cust for small businesses, allowing them to spend their money on bolstering their business and putting it back out in the community. This will help the state economy, but we’ll also feel the effects close to home.
For example, there are roughly 39-hundred registered businesses in Victoria, TX and the mass majority of them classify as small businesses. The new legislation has raised the limit from $300,000 to $1 million, that’s the amount of revenue that a small business can take in before it’s accountable for tax.
With this in effect, 40,000 small businesses in Texas will be able to keep their money, rather than handing it over to the government.
Meanwhile for those other small business owners in other states, invoice factoring can help offset their business expenses.
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