Taxes killing businesses?

I just got done figuring my taxes on the business. I do this as a retirement supplement. It looks like I'll be going out of business. With the taxes this year, it's not worth it. Next year is guaranteed to be worse. Tax rates are going up, my income from what I've stockpiled will go up so I'll be in an even higher bracket.

When I retired, what I DIDN'T want to do is just sit around. Tried the volunteering thing (Red Cross and Habitat for Humanity) both were disasters and I won't be volunteering again.



I was even thinking about expanding the e-waste and hiring someone to help. I couldn't afford it.

Thanks to our elected officials for making sure we lose, regardless of what we do.

People "seem" to be yelling for more taxes on the big corperations and the "rich" but is it just what those in the media want? I am also retired and am starting to think that ebay sales may be the way to go to keep some income "private".

As a retired military person I have seen my drug co-pays increase 2-4 times over that last 12 months and Febuary they are going up again(please read this as me paying more taxes).

The increase in taxes stifles the desire to start or expand business as Mick has pointed out in his post. I have a believe that many of the politicians in both parties are counting on the attitude of many to look to government for all their support rather than themselves. obamacare was designed so that businesses would choose the small fine for not providing health insurance rather than provide health insurance.

This can be seen when many large corperations supported the passage of obamacare. Now the politicians can say "well business failed to provide health insurance so the government must step in and make all healthcare owned by the government".

They(government types) will use many interesting non threatening terms like they did with obamacare(real name is "affordable healthcare act"). This is something they have been doing for years. I expect the law I expect to pass this year restricting our gun rights will have a very attractive non-threatening name that we might vote for is we just read the name. Sorry I ran on, Mike.

Screw Obama care, it'll do nothing but raise costs, which it's already doing, and put a govt agency between you and the treatment that would save your life.

Amen brother amen

Originally Posted by junkfreak

I've owned my business for 15 yrs. Each year it gets harder to stay in business. Everyone has their hand in your pocket. It's gotten so an honest person can't get ahead. Insurance cost/ state and local government as well as the feds. Blue collar workers are the back bone of this country yet we are continually crapped on.

quitcher *****en we all know yer one of them fat cat business owners like the rest of us. iffen yas not one o them beholden to the gubment ( the 47 % by now probably 48 or 49%) yous aint a gonna vote the benevolent takers and givers back in.

They aren't going to be happy until that 47% is at least 80%. what better way to eliminate all those elderly useless eaters then to shut down medicine and available, affordable health care.

We have had Kaiser Permanente for well over 20 years...our out of pocket has seen steady increases through the years but this year it went through the roof. It never would have got to this point if they would have just minded their own dam n business.

As far as taxxes go it is a cost of doing business the problem i have is when being honest results in those around me getting hurt.

if i have 6 employees i have to upgrade my employees by x if i have 15 i have to have seperate male/female restrooms and be handicapped accessable to me i am sorry but way to stiffle business development.


my payroll taxxes are rediculous and income taxxes moreso i see a big change in the near future as to where me and alot of other businesses go..

Originally Posted by unknownk

The tax rate is designed by large corperations to keep themselves extremely profitable while keeping startups small because mid sized companies are considered competition. Large companies have millions of deductions, they get them written into law.

I don't understand how taxes make anything profitable not worth it. The more you make the more you pay (in theory depending on how you made that money), plenty of people want to have that kind of problem. Could you explain the problems? I can see having issues with special insurance, safetly equipment, EPA regulations, etc making some businesses unprofitable, but taxes?

I agree if you business is paying taxes get another CPA. Business that are setup right don't pay taxes and if they have pre-profit taxation than that just gets passed on to the customer. Complaining about taxes is what business that are structured incorrectly for there purpose do. CPA are paid for by the hour so keep good records and have it all in order and organized. Do this so that you can buy the better CPA. A business should also not do its own taxes. There are too many variables that you don't know about.


Eric

To tax companies is false taxation to my thinking. Every company adds the tax liability to the cost of doing business. What that means is the individual who use/purchase their product/service is the one who PAYS the taxes.

Much like your income tax being withheld from each paycheck this is the perfect way to hide the fact that individuals are the ones paying all the taxes. This is a "shell game" played by politicans who hide from you the truth about who is getting away with not paying taxes. Yes there are unequal taxes being assessed onto companies and individuals but that's what the politicans use to get campaign contributions and cause discontent amoung the citizens. The flames are being fanned dailey in the tv shows we watch and the "news" programs being pushed as truthful.

Here's a link to the proposed "Fair Tax" What is the FairTax | What is a Consumption Tax | Tax Reform Solutions - Americans For Fair Taxation

The short answer to what is the Fair Tax is all income based taxes are eliminated and replaced with a sales tax. I highly recommend the very easy read on the link. Mike

miked is exactly right. there is no such thing as tax all tax is passed to the consumer it is either a form of inflation or confiscation, those who can afford tax lawyers by the pack don;t pay taxes. i.e. GE, Warren Buffet, Bill Gates et al. the "47"% don't pay taxes, the taxes are payed in large by the middle class, the small business and the micro businesses. The 47% by the way, not long ago were the 15%, the tax burden is funneled in different ways to the shrinking "middle class" and the working poor.

Some forrns of this are the fuel cost, double what it was 4 years ago, utility bills double what they were 4 years ago and food prices nearly double what they were 4 years ago. none of these are now counted in the cost of living or inflation index.

it is not about Obummer or Bush. republican or demoncrat, it isd about them and us plain and simple.

Its hard to run a legit business when so many are flying under the radar with no taxes and no overhead that you have to compete with. I am sure you have heard the phrase "go big or go home", well its the ones that went home that are winning this war.