Tags: donad trump | obama | regulations | small business

USA Today: 4 Steps to Trump-Proof Your Small Business

Image: USA Today: 4 Steps to Trump-Proof Your Small Business

(AP)

By    |   Sunday, 22 Jan 2017 07:39 PM

Small businesses are hoping to see some high-profile Obama administration regulations scrapped now that Donald Trump has taken office, with rules affecting overtime, sick leave and the environment among those that may be taken off the books.

Complying with federal, state and local regulations affects companies of all sizes, but can be especially tough for small businesses because they have less revenue to absorb labor, paperwork and other costs related to regulations, the AP reported.

Businesses with fewer than 50 workers paid an average of $11,724 per employee to comply with federal regulations, compared with less than $10,000 for companies of all sizes, a 2014 report released by the National Association of Manufacturers found. Manufacturers with fewer than 50 workers paid an average of $34,671 per worker, while manufacturers of all sizes averaged $19,564.

Federal regulations were cited as the most burdensome kind by 58 percent of owners in a survey released Wednesday by the National Small Business Association advocacy group. Twenty-three percent cited state regulations, and 12% said local rules. Seven percent did not identify a source.

USA Today recently offered four steps small businesses should take now.

  • Take deductions you can now. "Once things start changing in the tax code, it’s not clear what will stay and what will be eliminated. If you’ve been thinking of buying that new truck, now may be the time," Rhonda Abrams wrote.
  • Get health insurance. "If you’re not already covered, you may want to lock in a policy while you can. It’s less likely you’ll be kicked off insurance once protection for “pre-existing conditions” is lost," she advised.
  • Do your preventative health care now. "The ACA required insurance policies to provide free preventative care, such as immunizations, cholesterol screenings, mammograms, and more. Expect those free benefits to disappear. Check out this list and get them done ASAP."
  • Stay informed. "You’re going to need to know the real details or policy proposal affecting small business. So use news sources that check sources and include the fine print. Don’t believe everything you read on social media."

(Newsmax wire services contributed to this report).

© 2017 Newsmax Finance. All rights reserved.

   
1Like our page
2Share
Personal-Finance
Small businesses are hoping to see some high-profile Obama administration regulations scrapped now that Donald Trump has taken office, with rules affecting overtime, sick leave and the environment among those that may be taken off the books.
donad trump, obama, regulations, small business
349
2017-39-22
Sunday, 22 Jan 2017 07:39 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved