A week ago you read the story and watched a video on FOX News here. The dramatic news story made a point that things are bad...very bad. And things are going to get worse. David Lightfoot is in the thick of business reality and offers his thoughts and perspectives regarding the "fiscal cliff":
The fiscal cliff, automatic tax increases, health care requirements are only part of the conversation in this interview on FOX News with Len Krick. This short discussion about the effect of the increases in Federal taxes on the sale of privately-held businesses may enlighten you or give you post-Christmas depression.
In the news is more discussion about the implications of the Marketplace Fairness Act, which would mandate businesses in every state to collect internet sales taxes based on the destination of products purchased. Is the "no tax" policy for Internet purchases an unfair loophole or legitimate?
The small business owner is feeling the tax burden but may be unsure of how or why. The biggest challenge to small business owners is complying with government regulations. The ChamberofCommerce.com has created this infographic to shed some light on the subject:
If you are new to freelancing or thinking of becoming a freelancer, you’ll no doubt have lots of questions, especially about the legal and regulatory paperwork you need to obtain and manage throughout the business year.
Tax time? How can it be faster and easier to organize the receipts? If you have manila envelopes, flat boxes and discipline; your job is already done. If not, you have two choices: The old fashioned way: Muscle and Time. The 21st Century method: An App on the smart phone or a scanner and email.
Intuit is on the ball with the latest blog article talking about tax mistakes small business owners make. Note that the deadline this year is April 18th. Can't make the April 18 Deadline? Use Free File to e-file Form 4868, an extension to file. *see video below.
As 2010 comes to a close, it is time to tackle taxes and planning for your business. If you are an entrepreneur who believes that debt is overwhelming and bankruptcy is the next step, here is an article from Wystan North:
So what will you do if your business success depends on affililate income? Move to another state? Listen carefully. Stay in touch with Quansite. Set up Google Alerts for Affiliate Tax (or other related terms). Sharpen the saw with weekly news updates from your government or "watch organization" such as The Tax Foundation.