Will Obama’s tax plans bite small biz? (CNNMoney.com)

The short answer: Only if your business is netting more than a quarter-mil a year. Which pretty much rules out any American businesses this year.

Joe the Plumber must be pleased: President-elect Barack Obama has recently hinted he’ll delay his plan to raise taxes on individuals earning more than $250,000 a year. But what will this reprieve really mean for small business owners – should they prepare for an eventual tax hike?

That depends, say tax experts, on how your business is incorporated, and how much money it makes… [read more]