The BizFilings blog covering business tips and trends.
Budget outlooks for the coming tax year
Published on Feb 24, 2011
Read 'Budget outlooks for the coming tax year' at 'Time to Start Up,' the small business blog by BizFilings.
When small businesses and startups begin filing their taxes in coming months, many will be eligible for a number of new tax credits, such as the 35 percent tax break for small businesses that pay for their employees' healthcare coverage.
As small firms prepare for tax season, they will be forced to take a look at their budgets for the coming fiscal year. Accordingly, it may be a good time to reflect on a number of recent industry-wide spending trends and outlooks.
To begin, businesses can expect surges in marketing and advertising spend, as a recent poll by BtoB magazine found more than half of surveyed businesses plan to increase their budgets in this area over the coming year.
Additionally, the Corporate Executive Board has reported that spending on technology is also expected to increase, with an anticipated 3.3 percent jump, Inc. magazine reports. Even employee salaries are expected to climb.
"Nearly half of project budgets are expected to go toward business intelligence, collaboration tools or customer interface," writes the source.
Other recent improvements in private sector employment and factory output suggest the job market will improve, albeit slowly, over the coming tax year