Top Small Business Tax Deductions 2017: An Easy Guide for Beginners

A small business refers to a business that is privately owned and managed that can only hire a minimal number of employees. These companies are also identified by the amount of annual revenue made, monthly sales, shipments, total business assets as well as the total annual gross revenue computed. The Small Business Administration (SBA) aids in regulating the size standards as dictated by the Industry sector as well as State Regulators. Size regulations stipulated by the SBA for small business vary; depending on the industry. For manufacturing businesses for example, the maximum number of employers to constitute remaining a small business ranges from 500 to 1500. The number of employees for the wholesale sector on the other hand, ranges between 100 and 500. Additionally, the revenue made is also a key item of consideration for the business. Retail companies for example, claiming to be a small business should not have annual sales exceeding $5 to $21 million.