Newely elected Congressional officials may improve tax laws for small businesses.
The mid-term elections are over and many believe small businesses could see some great changes in their favor by way of the newly elected officials. Whether it's small business-friendly taxes or HVAC professionals having more wiggle room in EPA regulations, the November election may end up being a coup for contractors.
Contractor Magazine recently highlighted the possible changes in a photo gallery on its website. While party differences between Democrats and Republicans may make it hard to have a huge difference in taxes, the website said there could stll be some great positives from this year's election:
However, Congress may have more votes for a permanent extension for a deduction that will allow small businesses to use deductions up-front rather than diminish the cost of equipment later.
