"Small business is big business" is a phrase that is often uttered in corporate circle and among economists, and it is not lost on the federal government that encouraging entrepreneurship is a good way to keep the economy afloat. As such, they often try to pay close attention to the needs of small businesses when they are coming up with tax codes. According to some small business owners, it can be hard to tell, however. Any new tax law is always controversial, and those that surround small businesses often start a knock down, drag out fight over what is helpful and what is not. The latest round of tax laws that apply to small businesses, the Small Business and Work Opportunity Tax Act of 2007, is no different. Although it was drafted in hopes of making life easier on the small business of the country, not everyone agree that it delivers on its promises.

The most controversial part of the Small Business and Work Opportunity Act is the increase in the federal minimum wage. Over a three year period, that wage is set to increase from $5.15 to $7.25. It had been many, many years since the minimum wage had increased, and the many people argue that even this new wage is not in line with the cost of living and forces people into poverty. On the flipside of the argument are many small business owners who claim that this increased cost will force them to cut jobs or hire only part time workers. The increase in the minimum wage is definitely an increase in the overhead for small businesses, but the government has tried to compensate small business in other areas.

Another employee related move that is supposed to help small businesses is the extension of the "designated community member" rule. Designated community members are people who often find it difficult to find employment, like parolees, people with criminal records, disabled people and retired military people with little non-military work experience. Small businesses that employ people who fall into this category have always been eligible for tax relief, but previously this relief only lasted until the designate community member reached the age of 25. That has not been extended to age 40, which means more small businesses can take advantage of the credit.

Family businesses can also enjoy greater tax benefits. Husband and wife teams running businesses together now must file separate self employed tax returns, each claiming their own tax deductions, which increases the overall number of deductions to which the couple is entitled. The "kiddie tax" credit has been extended to include children working in the family business up to age of 24, provided that are in school full time and that their earned income covers less than half of their expenses.

The tax cuts in the Small Business and Work Opportunities Act of 2007 are there to help small businesses deal with the increased minimum wage, but you can't take advantage of them if you don't understand. If you need help, a tax attorney can make sure you come through with all of the right deductions and nothing that is going to put you in the IRS crosshairs.

One of the most popular routes to go for people who are starting their own businesses is to buy into a national franchise. With a franchise, you get a business for which all of the marketing and brand building has been accomplished and for which all of the product testing has already happened. All you have to do is open your doors and let your customers find you. The parent company invests in a lot of advertising, making the task even easier. A look around your neighborhood can confirm the idea that franchises are moneymakers. Take in all of the fast food restaurants, car rental places, hotel chains, and chain stores in your area, and watch how busy they all are - although they are not without risk, franchises can be about as sure fire as a business idea can get. But how do you know which franchise is going to be the best fit for you? The best way to learn more about franchising opportunities is to visit one of the National Franchise and Business Opportunities Show events.

The National Franchise and Business Opportunities Show is basically a traveling road show featuring representative from all of the national business franchises all over North America. The show pops up in different cities throughout the US and Canada throughout the year, visiting major cities in each region. At these shows, budding franchise owners get the chance to have face to face meetings with franchise representatives from just about every brand imaginable. In these meetings, you can ask questions, get in depth information about how much money buying a franchise will cost you, how much help you will get from the parent company in making your business a success and much, much more. This gives you the chance to try out different businesses to see which is right for you, be it restaurants, car repair or something else. The National Franchise and Business Opportunities Show is designed to be informal and low key, so you can gather all of the information you need without feeling pressured to sign on the dotted line and commit to one franchise or another before you have time to review all of the information.

One of the biggest benefits at the National Franchise and Business Opportunities Show is that you can not only meet reps from the parent company but also people who are just like you; people who are new to franchising and exploring their possibilities. You might meet someone that could go on to be an important business contact with you, or you might learn something about an aspect of franchising you might be overlooking.

The National Franchise and Business Opportunities Show is an event that should be circled on any budding entrepreneur's calendar. Many people walk out of these events with the information that sets them on a new path for the future - see if your opportunities are waiting there.

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