BUSINESS

Fiscal Cliff Deal Slams Some Small Businesses With Higher Tax Bills

01/03/2013 09:39 am ET | Updated Mar 05, 2013

It's likely to be a year of painful decision-making for small-business owners like Tom Secor of Norwalk, Ohio, one of hundreds of thousands of Americans who could face a higher tax bill after Washington's last-minute deal to avoid the fiscal cliff.

Mr. Secor co-owns Durable Corp., a 90-year-old maker of rubber mats and loading-dock bumpers with 36 employees and just under $10 million in revenue last year. Because the company is structured as an S-Corp, or partnership, the 55-year-old Mr. Secor and his four partners each pay taxes on their share of the profits at their personal income-tax rate. In Mr. Secor's case, that rate was 35% last year.

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