“You work as hard as you can. You toil long hours. You put your blood, sweat and tears into your business. And at the end of the day, you feel like too much of it goes to Uncle Sam. You’re not alone. Federal taxes on business rank as the fifth largest problem to running a small business, according to NFIB’s most recent Problems and Priorities survey of its members.
But as bad as it seems, it has been worse. Currently, our highest tax rate is 35 percent, much better than the 94 percent tax rate that was around during World War II. And even better than the 50 percent bracket that existed in 1982. ”
– Taxes suck! But we all have a civic responsibility and the only thing that sucks more then taxes are tax shirkers. That being said you should only be taxed what is necessary for the government to perform it’s duties and no more and this is why you should work to minimize (not eliminate) your taxes. Thankfully some new laws are out there to help you. Remember, the government is trying to tax you the most they can, more then they actually require from you, it is up to you to make sure that they do no overtax you. Get familiar with the law and don’t be afraid to take valid deductions. -ed.