As small business owners continue to struggle alongside consumers through this economic recovery, many are concerned about proposed tax changes.

President Obama has proposed several changes which impact high-income families. The theory is that those who earn more money should carry a higher tax burden when compared to those with lower income.

These changes have the potential to affect many small business owners who report business income based on individual earnings. Sole proprietors, limited liability companies and S-corporations do not report business income on a corporate tax return but rather an individual income tax return.