Save Your Money!

Tax Help“These are the times that try men’s souls.”  Thomas Paine may not have been talking about the world of the post-2008 stock market crash, or the craziness of today’s politics, but his words apply nonetheless.  Times are hard, especially for small business owners.  With new healthcare regulations, higher taxes, and mounds of mandates, it is exceedingly difficult to run a business in this new America.  What can business owners do?  Many are becoming desperate to stay afloat as food prices soar, gas prices are consistently volatile, and unemployment remains high.

The new tax laws being decided by congress over the next month are notably worrisome to business owners.  While congressmen pledge to keep taxes low, they are also promising to eliminate loopholes, deductions, and any other tricks to escape rates.  No one knows for sure what is going to happen by January 1, but undoubtedly things will change.

An article put out by Forbes magazine, which I recently read, asserts that individuals who make more than $200,000 a year and couples who earn above $250,000 will see their taxes increase starting in 2013.  Though they are waiting for the IRS to confirm it, Forbes also contends that we could see a new surtax on the following:

  • Dividends
  • Rents
  • Royalties
  • Interest
  • Short and long-term capital gains
  • Taxable portion of annuity payments
  • Income from the sale of a principal home
  • Net gains from the sale of a second home
  • Passive income from real estate or investments

The tax on dividends alone could increase from 15% all the way up to 23%. With such high taxes how will business be able to keep their expenses low? Healthcare by itself constitutes a huge tax on businesses, thanks to the Supreme Court verdict.  What can you do to stay profitable?  The first thing you need to do is consult with your tax professional and determine how you will be affected by the new rates.   It could also be worthwhile for you to move assets now, instead of waiting for next year.  If you are planning on selling a home or business, I suggest doing it now before new capital gains taxes come into effect.  Talk to your accounting and money management team to determine what you can do to protect yourself; be proactive with your money.

I’ve said it before and I will say it again:  Tarheel Imaging and Microfilming is in the business of saving you money.  One of the greatest things about our business is that we take rote tasks, like converting paper files to digital files, out of your hands.  Some of the things we do, like shredding for instance, you could probably do in-house, but it simply is not cost effective anymore.  The healthcare mandates make it too expensive to waste your full-time employees’ time keeping your business organized.  Tarheel Imaging will do it for you, and we’ll do it cheaper.  Be proactive, contact Tarheel Imaging.  What are you waiting for?