By now, you may have been contacted by your employer to change your federal and state exemptions. Both because it’s a new year- and because of the tax law that was enacted last year. Normally, you can follow the instructions that you are provided. (But NEVER choose 9 or more exemptions- even if you think that makes sense, because that sets off alarms with every tax agency. I’m not saying you are wrong- I am just saying, why bring on the aggravation.)
Running a business? Then, you know that money you spend for meals – or entertainment- that are business related are not fully deductible. Oh, sure, if you spend $ 100 wining and dining a client, your profits have been reduced by $ 100. Except that’s not how it appears on your Schedule C or Form 1120 or Form 1065. Because only 1/2 of that expense is deductible.
I promised you yesterday, I would discuss my tax proposal. Again. And, maybe now that everyone seems ready to talk about a better tax system, this concept can move forward.
You’ve read about my concept to make corporate taxes more fiar and inclusive for years. No, I am not running for President. But, that doesn’t mean I don’t have better ideas, ones that our government (and other world governments) should adopt to stop the erosion of capital (and tax revenue!) from the shores of the countries from which these funds were developed.
Here, we go. It’s the heart of election season (only because we have made the primary season so long- and have it run right into the national election). Only, this time, there’s enough talk (but still no action) that maybe we- that’s you and me, folks- can goad our do-nothing Congress into doing something to back up everyone’s polemics.