Tag: taxes

As a Tax Accountant, I Can Tell You Tax Reform Is Helping Small Businesses

Admin
small business taxes

by Kalena Bruce   As we enter the summer, Republicans and Democrats continue to debate the merits of the tax cuts. Lost in this partisan bickering is the genuine and long-overdue relief the tax cuts offer small businesses. Sadly, the media reporting on small business tax cuts has been heavily politicized, complicating rather than clarifying the issue. Even The New York Times couldn’t get it straight in an article earlier this year, leading to an embarrassing correction. As a certified professional accountant, I’ve already started dealing with the new tax code for small business clients who file returns on a quarterly basis. Here’s what they need to know. The new tax structure lowers tax rates and expands the income thresholds for anyone who pays individual income tax, including small businesses that are structured as pass-throughs. These include sole proprietorships, partnerships, LLCs, and S-Corps. The liberal Left continue to push their radical agenda against American values. The good news is there is a solution. Find out more >> Under the new tax structure, rates fall to 10, 12, 22, 24, 32, 35, and 37 percent from 10, 15, 25, 28, 33, 35, and 40 percent. Income thresholds under these new rates are also expanded. For instance,…

Read the full story

Commentary: The ‘Internet Tax’ Fight Isn’t Really About Internet Taxation

Admin

By Dan Mitchell   One of the key principles of a free society is that governmental power should be limited by national borders. Here’s an easy-to-understand example. Gambling is basically illegal (other than government-run lottery scams, of course) in my home state of Virginia. So they can arrest me (or maybe even shoot me) if I gamble in the Old Dominion. I think that’s bad policy, but it would be far worse if Virginia politicians also asserted extraterritorial powers and said they could arrest me because I put a dollar in a slot machine during my last trip to Las Vegas. And if Virginia politicians tried to impose such an absurd policy, I certainly would hope and expect that Nevada authorities wouldn’t provide any assistance. This same principle applies (or should apply) to taxation policy, both globally and nationally. On a global level, I’m a big supporter of so-called tax havens. I’m glad when places with pro-growth tax policy attract jobs and capital from high-tax nations. This process of tax competition rewards good policy and punishes bad policy. Moreover, I don’t think those low-tax jurisdictions should be under any obligation to enforce the bad tax laws of uncompetitive countries. There’s a very similar debate inside America. Some…

Read the full story