Britain’s Latest Bid to Help Small Businesses: A New Bank

Since the financial crisis arose four years ago, when governments in the U.S. and the U.K. bailed out their biggest banks with hundreds of billions of dollars, policy makers have struggled with a lingering question: Did those bailouts do enough to help small businesses that depend on banks for loans?

British Business Secretary Vince Cable answered with an emphatic “no” on Monday in a speech to his party, the Liberal Democrats—and he called for a new government-backed bank to help.

“Our leading banks are often anti-business, especially anti-small business,” he said. “We need a new British business bank with a clean balance sheet and an ability to expand lending rapidly to the manufacturers, exporters, and high growth companies that power our economy.”

Read the full article here

Small Business Tax Myths

House Republicans exploit Americans’ confusion about marginal rates to sow fear about Obama’s proposed tax hikes.

By Matthew Yglesias

President Obama reiterated Monday his opposition to Republican efforts to fully extend the Bush tax cuts beyond their scheduled expiration at the end of this year. Instead, Obama says he wants to extend most of the tax cuts for one year (2013) while allowing the top two tax brackets to revert to Clinton-era levels. His hope is that Congress will use 2013 to pass broad tax reform. Under Obama’s plan, households with taxable incomes above $250,000 will pay higher taxes, which the GOP is furious about, especially citing the dire impact on small business owners.

What’s striking about this whole debate is how the very business owners and politicians who seem certain that tax shifts will radically harm the economy are bizarrely uninformed about how the tax code actually works. In particular, they don’t appear to understand what marginal tax rates and tax brackets actually are.

The Republican majority on the House small business committee unveiled a small-businessopen mic site on Monday to reveal “what small business owners are saying about the president’s plan to raise taxes.” Some of what they’re saying is that they don’t know what they’re talking about.

Steve Piechota of Netronix Integration in San Jose, Calif., leads the list of complainers. He explains that his business has grown from 3 employees to 50 over the past five years and that the “growth has kept our income low, as we’ve invested back into the company in the form of additional jobs and equipment.” But thanks to tax hikes, he fears that the growth has come to an end. “Bottom line,” he warns, “raising our taxes means we’ll quit growing, lay off people and stay under the $250k level for income.” His concern is reminiscent of a (since-corrected) September 2011 USA Today piece warning people that the extra money that comes with a raise “is nice, but it could very well bump you into the next tax bracket, possibly leaving you with less money than you had before the raise.”

Read the full article here http://www.slate.com/articles/business/small_business/2012/07/small_business_tax_myths_most_firms_are_not_affected_by_obama_tax_proposals_.html

Delinquent Tax Filing Services for Small Business Owners by 1800Accountant

Delinquent Tax Filer Services are offered to small business owners around the nation by the business tax experts and accounting professionals at 1800Accountant.  With a number of reasons why taxpayers may fail to file their tax returns, this professional accounting firm provides the tools to help entrepreneurs return to a good financial standing.

1800Accountant offers a number of small business services including Delinquent Filer Tax Services, bookkeeping, tax planning, tax preparation, payroll, business start-up services and business consultations.  The company’s licensed Certified Public Accountants specialize in Small Business and Tax Accounting and share the objective of helping each client keep more of the income that they earn. With the team’s qualifications and experience, they work to provide clients with tax deductions and tax breaks while also offering a cloud based solution to managing business finances.

As part of the business services package, the team at 1800Accoutnant will manage correspondences with the IRS to represent the client’s business.  In addition to communications, 1800Accountant will handle all of the paperwork that is necessary to place the client’s business in good standings with the IRS.

About 1800Accountant

1800Accountant serves small business owners around the nation from their office in The Empire State Building in New York City.  They provide small business owners with the tools and support that they need to be able to manage their business finances.  They offer bookkeeping, payroll, business tax, QuickBooks and other services.  To learn more, please visit: http://www.1800accountant.com