Word: taxing
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Dates: during 2000-2009
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...federal funding of abortion because some consumers would purchase those health plans using government subsidies. This fungibility argument shifted the issue from direct federal funding of abortion to indirect funding. And eliminating indirect funding of abortion is a nearly impossible standard to meet. Taxpayers already subsidize abortions through the tax break given to employers for sponsoring company-insurance plans, and technically any employer that receives a government grant - say, for laboratory research - has a fungibility issue if it uses an insurance plan that includes abortion coverage...
...critical that owners maintain books, records, separate bank accounts and different credit cards for the business, says Brenda Schafer, a CPA and CFP at the Tax Institute at H&R Block...
...Many budding business owners grow wide-eyed at the prospect of generous tax deductions including those for business expenses ranging from travel and entertainment to home-office and computer costs. But many have no clue what is permitted and what will bring the IRS knocking at their doors. "There are many misconceptions about the tax laws, where people say, 'My neighbor told me I could do this,'" says Jackie Perlman, a tax analyst at H&R Block's Tax Institute. And a wrong or uninformed decision can affect the ultimate success or failure of the new business...
...problem for newbies is the sheer magnitude of available tax breaks. "When you're a self-employed small business, pretty much everything is a deduction, whether it's entertainment, marketing dollars or stationary," says Joseph Leonard, founder of Coastal Financial Associates and author of The Retirement Vault...
...those money-saving tax deductions and perks can quickly turn into profit-bleeding blunders that can threaten the very survival of a business. The most common mistakes: poor record-keeping, questionable deductions, failing to make quarterly tax payments to Uncle Sam and putting expenses on the wrong lines on a tax return. (See 10 perfect jobs for the recession - and after...