Let’s Talk Taxes!

I have been so caught up in my woman of the week series I haven’t posted anything about taxes lately. So I will satiate your desire now. Here is something interesting “Stealth changes in tax law…”

Sigh.

Isn’t that always the way? There are always lots of stealth changes to laws its seems. Of course, as per usual, most of these changes just effect the little folks like us and will likely increase audits of small businesses. Insert RANT here: imnsho most small business audits are a gross misuse of tax dollars since the cost benefit analysis of revenues generated by such audits, to the government costs to conduct them, is often never worth it.

New changes require your merchant service provider (i.e. that middle man between your customer, your bank, and you when someone purchases something from your business with a credit card) will now have to send the IRS and you a tax form if you make more than $20k in a year or process more than 200 transactions. The changes come into effect in 2011 (I really REALLY wish I could insert a 2012 joke here, but alas I cannot. Booooo!)