A few weeks ago, I wrote about the plight of a small-business owner in North Carolina who faced a tax bill totaling $10,000.
She had worked in the state’s health care system for five years and was paying $100,000 in income taxes.
The state’s tax department had told her that she was exempt from paying any income tax for the next four years because of her small business.
That meant the $10K she was owed on that bill would grow over time.
It was a very difficult decision for her, but she knew that it would pay off if she focused on her small businesses.
A few months ago, she started a GoFundMe page to raise money to pay for the bills.
The campaign has raised over $10k.
She told me that she had to decide between paying back her taxes and being dependent on her employer, and she wanted to do the right thing.
I asked her about what she’s learned from this experience.
“I think it’s very important to understand what the tax code is, and that we don’t have to rely on government to help us,” she said.
“I don’t want to get dependent on government, but I know what it’s like to get reliant on a government program.”
What is a small business?
“It’s when a small employer creates a job that pays a salary, benefits, and/or tax that’s passed onto all employees and owners.
Small businesses, which are small, independently owned, and operate in the community, account for about 40% of all U.S. businesses,” according to the Tax Foundation.
They are a vital part of the American economy.
According to a 2017 study by the Urban Institute, only about 6% of U. S. jobs pay a salary to a full-time employee.
Many small businesses are small because of their ability to self-generate and keep payrolls low.
And that’s why they’re such a crucial part of helping to grow the economy.
According to the Center for Responsive Politics, there are more than 2.4 million small businesses in the U.”
That’s why it’s critical that small businesses continue to be supported in a robust way.”
According to the Center for Responsive Politics, there are more than 2.4 million small businesses in the U.