Have you been putting off acquiring that vanity number you desperately need or avoiding filing taxes because you know you will owe and crave a better bottom line in 2012? Keep reading...
This week Obama called on Congress to act quickly to expand or enact a series of tax breaks aimed at lifting the burden on small businesses and encouraging them to do more hiring. Others pushing back claim there are already too many tax breaks and the additional revenue is essential for bringing down the national debt. However, the reality is what small businesses really need is an economy flush with cash rich consumers and other businesses who are confident enough to spend. Ending tax breaks won't boost revenues. Crushing SMEs with more costs right now just means they will shave U.S. based staffing further and send more jobs offshore. Ultimately this not only vaporizes jobs but hopes for an overall economic recovery with it.
If you are one of those entrepreneurs who has held off from essential investments like vanity numbers and are sick of the thought of the pending tax bill you are about to receive recognize that smarter planning last year could have made all the difference. Now is not the time for sitting down with your accountant in a panic over what tax breaks you qualify for, for 2011 it should be time to set a plan in place for the coming year so that you are maximizing your tax breaks and benefits all year round and minimizing your tax burden for next year.
Once you start doing the math, vanity numbers quickly become even more valuable and irresistible once you count their tax deduction. It is almost like being handed the most effective marketing tool available for free.
Other tax breaks and deductions small businesses and independent entrepreneurs should be looking at this year are cars, gas/ mileage, research, travel and entertainment for increased networking and building knowledge of trending marketing tools and perhaps even investing in your own building while prices and interest rates are so low.
Lastly, perhaps you want to take your tax breaks and benefits to another level by bringing a tax preparer under your roof and helping to funnel some of that big refund money back to your business. Need a toll free number for that? 866-CUT-TAXES is available right now!
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