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Monday
Dec092013

NH Independent Business Council - December eNewsletter 

IBC eNewsletter

 

The Independent Business Council is a new organization providing a voice, and addressing the needs of independent business owners and operators. We aim to strengthen the economic vitality of New Hampshire by providing advocacy, education and better linkage with state leaders; which involves opinion leaders, agency regulators, as well as political representatives.  Our goal is to promote a strong and healthy business climate which spurs investment in the Granite State.

“The nine most terrifying words in the English language are: I'm from the government and I'm here to help.”  - President Ronald Reagan

 

See President Reagan here: http://www.youtube.com/watch?v=xhYJS80MgYA

MEET

Team O’Neil Rally School

The U.S. Small Business Administration announced they honored Team O’Neil Rally School of Dalton with the SBA 2013 New Hampshire Veteran Owned Business Award. Owner Tim O’Neil, a veteran of the U.S. Air Force and five-time US and North American Rally Racing Champion was one of America’s brightest rally stars. At the height of his career with Volkswagen and Mitsubishi, O’Neil withdrew from the competition to follow his passion to teach.

 

SBA salutes Tim O’Neil for his service to our country, his storied driving career, and his success in transforming a passion for competitive driving into a successful business venture. Congratulations to Team O’Neil Rally School and Car Control Center, the SBA 2013 New Hampshire Veteran Owned Business of the Year.

 

To see the whole statement from the SBA click link here:

http://www.sba.gov/about-offices-content/2/3130/success-stories/770801

 

Source: Small Business Administration and Team O’Neil Rally School

 

 

Hidden taxes in Affordable Care Act could cost small businesses

Monday, December 02, 2013

 

Weekend Evening Anchor Tom Abrahams has traveled the world for ABC13 Eyewitness News since arriving from Orlando in 1999.

Copyright ©2013 KTRK-TV/DT

HOUSTON (KTRK) -- The controversy over the Affordable Care Act continues well beyond the problems with its website. There are some of hidden tax costs that could impact local businesses.

 

Like it or not, the Affordable Care Act is a financial burden for the federal government, which means Washington had to find a way to pay for it, and that translates into higher taxes.
 

Lisa Roth co-owns an interior design business, and figuring out how to navigate what the new health care law means for her company's bottom line hasn't been easy.

 

"It's been real complicated figuring out what's been happening in Washington," she said.

 

Roth is like a lot of small business owners, trying to run a company, take care of employees, and not get hit with a big tax burden.

 

"What we're trying to do is take money that we would normally be required to now pay in taxes and try to give that to our employees so they have more benefits," Roth said.

 

Her financial planners say there are a lot of hidden costs associated with the new law. Anyone household making over $250,000 adjusted gets hit with an additional Medicare tax. Investment income above that amount gets hit, too.

 

"We're not talking about any kind of itemized deductions or standard deductions or exemptions that go into this. It's just adding up all of your income and seeing if it's over $250,000," said Jillian Nel with Legacy Asset Management.

 

"You're gonna need some pretty sophisticated tax advice or tax software or planning in the years to come," said Joe Birkofer with Legacy Asset Management.

 

Then there is the impact on employees' health care options based on how taxes impact large employers.

 

The so-called Cadillac Tax is designed to encourage companies to choose lower-cost health plans for employees and levies a 40 percent tax on high-cost plans ($10,200 for individuals, $27,500 for families). And while it does not include long-term accident or disability insurance and isn't effective until 2018, companies are planning for it now.

"In 2018, for a normal plan, the average plan is probably going to be pretty close to $10,000, so instead of hitting the high-income, rich-benefit plans, it really going to hit all of the normal people on Main Street," said Carter Freeman with The Freeman Agency, an insurance broker in Harris County.

All of it, as Roth has learned, means the health care law could have as much to do with the health of your bank account as much as it does your insurance.

 

There is also a tax on homeowners who sell their homes and profit more than a half-million dollars. That additional profit could be taxed an additional 3.8 percent on top of other taxes.

 

Since 2006, he has produced five half-hour special reports on subjects including the new space race, the 2008 presidential election, and the future of energy production. His award-winning reports include three regional Edward R. Murrow Awards, the most recent in 2010 for an in-depth look at overcrowded trauma centers. Tom is a proud graduate of the University of Florida in Gainesville and is married with two children

 

2014 will be a big policy year for the IBC!

 

This week the IBC has begun the process of surveying its business members on twenty different categories which focuses on the cost of doing business in New Hampshire. 

 

Some of the highlights of the study includes; motivated workforce, regulatory environment, transportation issues, employee issues, heathcare marketplace, Workers Compensation, tax policy, start up and business relocation issues.

 

Economist Mark Billings will take this survey and direct a study using current statistics in the new year. 

IBC BUSINESS SOUNDBOARD

Through your voice and support we are able to make an impact for all small businesses concerned with statewide policies effecting their investment and the families who depend on those jobs. There is much to be concerned about in today’s economy; increased regulations, taxes, and government spending with no end in sight. Now is the time to get involved; investors like you need to be heard by decision makers!

 

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