Category Archives: Taxes

Taxes? Now? It’s only August!

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Another installment in the changes coming about- or, why I am discussing taxes in August.

First- if you filed an extension, the clock is ticking- much louder now.  15 October is the absolute drop dead date for individuals (15 September for corporations).  And, that is only for the filing.  Your taxes IN FULL were due way back in April (or March for corporations).  Filing an extension really only helps if you don’t owe money.  If you do owe money, you can expect to pay penalties and interest, too.  Someone is going to pay that deficit down.Fake Tax Form

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The end of an era? What it really means!

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The end of an era.  The news claims it started 30 years ago.  The era of shuttle flights. But, really, the first shuttle’s genesis started when I entered college in 1968, or when President Nixon signed the bill approving its development and construction in 1971.  And, the water system development happened in mid-70s.  But, this discussion really isn’t about the space shuttle.

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Profits Don’t Provide the Whole Picture

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As one reads the newspapers (uncritically), one would assume that business is booming.  We have just read about the third quarter in a row of impressive earnings growth. Total corporate profits are on the order of $ 1.2 trillion, way higher than before our devastation.  First caveat- we are comparing these results to pretty anemic periods.  If you were running your company and had a 50% drop in profits for one year, the next year’s earnings growth of 100% would mean you were back to just where you were two years ago.

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Health care reform? We need to change our thinking, too…

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We are on the road to recovery in health care- or are we? This year we passed two bills: the Patient Protection and Affordable Care Act  (known as the “Senate bill”), and the “House Bill”, the Health Care and Education Reconciliation Act of 2010 (H.R. 4872).  However, neither of these bills really reformed healthcare- but they did address the healthcare insurance issue.

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Congress (and the IRS) is going after S Corporations and their owners

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Today, I am going to talk about taxes- but for the small business owner. Like it or not, taxes are going to go up- not for everyone, but small business is a ripe target. Part of the reason is that small business- just like big business- has found ways (or paid advisors to find ways) to pay the minimum amount of axes required.

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