# Anyone understand Obamas new taxes for small buisnesses ??confused



## CarolynKinnison (Jun 2, 2007)

I keep hearing about Obamas new taxes for small buissnesses. I s it going to be as high as It sounds. I am scared to even get started with my new t shirt buisness if it's going to be a loss at the starty! Anyone? I am confused as all heck!


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## pwapparel (Feb 16, 2007)

I'm not too familiar with Obama's new plan, but remember they will only tax your profit! There is no way that raising taxes would force your business to go in the red (theoretically).


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## esentuals (Sep 4, 2007)

From what I have read there are suppose to be tax cuts for small businesses its suppose to be part of the stimulus plan that is going on. The stimulus plan is suppose to cut taxes on capital gains for small businesses.

cited:
http://www.whitehouse.gov/agenda/taxes/

If your just starting your in a positive because unlike established businesses your start up cost such as equipment expense, advertising ect may be higher then your revenue. Either way just make sure you report your expenses.

If I find more I will place a link. The big buzz as far as online sales is getting ecommerce sites to pay taxes for online sales.


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## CarolynKinnison (Jun 2, 2007)

*STIMULUS- Hurt or confuse our buisness overhead/taxes??*

 Sounds more like Obama is scamming us small buisness owners, telling us all we're getting a tax break in this "stimulus" bill, what I hear is what we're really getting is a tax "credit" that's NOT the same as cutting our taxes, a "rebate", yeah! Just give us a straight up tax break that all buisnesses need to stay afloat. Anyways, I am no tax expert, but this sounds like a scam. Am I wrong here? the last thing our tax code needs is More gov't and vaguness. ANYONE else smell the stink here?


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## DDPerez01 (Feb 16, 2009)

well i know that according to Obama his new taxes on small business will only effect businesses making more then 250k...tho im not in favor of his new plan you can check out the main points of it below:

BARACK OBAMA AND JOE BIDEN?S PLAN FOR SMALL BUSINESS


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## MotoskinGraphix (Apr 28, 2006)

I see some tax credits for minority business. I see some tax credits for women business ownership. I see the foundation of a socialised healthcare system. I see some sort of no capitol gains tax for new business. I see something call business incubators which sounds like community organisers for small minority business. I see something about minority and women media business encouragment which is probably a gateway to the fairness doctrine.

I guess we will have to wait and see what actually works.


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## SBEMedia (Jun 26, 2008)

Considering the proposed tax plans keeps changing on a daily basis, I'd assume, and remember what your momma said about assuming, 'makes an *** out of you and me," nontheless here it goes: Everything that I can see and have read means that individuals making more than $75,000 will see an increase in taxes. This will not have much impact for companies organized under LLC's, as the taxes are passed through to the individual members and based on their tax rates. However, for S-Corps, which are taxed at individual rates this could have greater implications. Small businesses can garner anywhere from $100,000 to $500,000 and still be just making it. You'll have to watch and make sure it states 'profits' in the language of the tax plan, because if it doesn't, expect more pain on the tax front.


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## CarolynKinnison (Jun 2, 2007)

Ditto Dotto, as a great man once said "don't doubt me" he was right about us loosing the break for those making under 250K, GET READY TO GRAB THE ANKLES.


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## CarolynKinnison (Jun 2, 2007)

I am a newby at starting my tiny t-shirt buisness, but I does seem to me that big goverment is trying to DE-insentivise people from starting. Its always been hard to start, wading through the taxes code, trying to understand and keep up with the new changes, I barely get the old info !!I am getting an accountant, I found one that I trust, but if this new "change" is as bad as it feels, I'll re- think things. anyone?


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## rwshirts (Dec 5, 2007)

From what I understand, the increase in taxation would occur at the $250,000 mark. If your profiting, or your taxable income is over $250,000, then you've got to be grossing at least $500,000! I'll deal with the extra taxes if I could net $250,000 or more. Between all your expenses costs, and wages, and cost of doing business, it's not hard to write off at least 1/2 ........MINIMUM......of what you are grossing, unless you own all your real estate and equipment. (or you're charging well over a 100% markup on all your sales.)

You guys got to stop listening to Limbaugh and Hannity and all the other right-wing kooks.

A local semi-conservative talk show host once said....."I wish I could pay $1,000,000 in taxes. That would mean I'd be making a whole lot of money".

RW


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## MotoskinGraphix (Apr 28, 2006)

Why do we have to pretend it isnt wrong?


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## sid (Oct 6, 2007)

Best advice get elected to Congress and don't pay your taxes. 3 Administration appointees had to drop out for not paying their taxes they make fine examples for the rest of us.I want some one to STIMULATE ME! (great T design and royalty free), my gift.


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## MotoskinGraphix (Apr 28, 2006)

I wish I could believe the man was at the helm but I rather think he is just the merman carved on the bow of the ship. Way too much legislation and spending in the first month of office for a junior senator who has never run anything or written any legislation. Folks you couldnt read and understand that spending bill in a month let alone a couple days.


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## tfalk (Apr 3, 2008)

Not to get too political but...

Put your hand in your pocket. Remove all bills. Send them to Washington.

Change... all you will have left to spend.


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