Small Business Know the IRS and Understand Your Taxes

Over the last year and a half, I have gotten a crash course in a Wills, Trust and Estate matter that could make your hair stand while assisting a client through the help and guidance of attorney(s) and other professionals. As a start-up business owner, I also work as a certified paralegal and in small business finance. Fortunately, I have an extensive background in writing, research, case law analysis with in the trenches down and dirty work, court house visits and meeting clients in coffee shops and train stations included. I have a renewed sense of how serious and how amazing the powers of the Internal Revenue Service really are.

Without disclosing too much about this situation, let me say this, if you have assets, it is
seriously important to work with and hire "extremely" competent professionals with respect
to the management and the advice offered with regard to your estate. Actually, if assets, a business and or any other wealth has been passed onto you, it is seriously important to know what the heck is going on. Grill your lawyers, accountants and other professionals, do your research and make sure what they are telling you is correct, because this can be the difference between financial freedom or a financial nightmare. Don't let a $250 or $300 an hour charge impress you, especially if this or these individual(s) does more to harm then to help you.

As a small business owner, your relationship with the Internal Revenue Service is one that
can make or break you quite seriously. How many people really understand the tax code? How
many people understand how taxes are computed? Do you understand how payroll and social security taxes work? Do you know how to deal with liens? This is a very complex matter but in hindsight, when Joe the Plumber asked now President Obama about how much his taxes would increase under his plan, Mr. Wurzelbacher approached Obama and asked him if he believes in the American dream. He proceeded to tell Obama that, "after working as a plumber for 15 years, he is going to purchase his own business. The catch was that the business was worth more than $250,000 and Joe asked if he would be taxed more under Obama's plan."

"I'm being taxed more and more for fulfilling the American Dream," he said to Obama. While Obama made several attempts to explain his tax plan, the bottom line was always that Joe would suffer from increased taxes. "I'm gonna cut taxes a little bit more for the folks who are most in need and for the 5% of the folks who are doing very well - even though they've been working hard and I appreciate that – I just want to make sure they're paying a little bit more in order to pay for those other tax cuts," Obama told Joe.

Most recently, I came across the very informative web site of Alvin Brown & Associates, LLC
and I am extremely grateful to have found it. Check it out for yourself www.irstaxattorney.com also check out the forum at www.irsforum.org.

The Directory of State Tax Administrators may also be a helpful tool.