Hello, 2007

Happy New Year, everyone. Hopefully this year will see at least one of the following: (a) no tax rate increase [1]; (b) simplification of the Tax Code [2]; (c) no mandatory California health care coverage for all [3]; and/or (d) an IRS and FTB that are easy to deal with, and honest and open to all [4].

Later this month I’m going to run a series of posts on business entities. Recently, I’ve been dealing with a number of individuals who formed their business first, and then got tax and legal advice on what kind of entity they should use. It’s much easier to do it the other way: Get professional advice and then form your business. I’ll be discussing some of the pluses and minuses of the various entity types available.

Notes:

[1] With the Democrats in charge of Congress, watch your pocketbooks. President Bush is apparently whispering words like “I’ll accept a tax increase if you give me….” I strongly believe that everyone needs to let your Representatives and Senators know your feelings about a tax increase.

[2] The chances of tax simplification passing this Congress and of it being signed by President Bush are the same as it snowing this week in Irvine: 0.

[3] The Governator has been hinting that he’d like to see some sort of mandated health coverage for Californians. I’d like to see it, too, but in a way that is not government run, government mandated, and government funded. I think that Californians—the same Californians that voted down a mandatory health care initiative—need to let their Assemblymen and State Senators (and the Governator) know how they feel.

[4] We can all dream, can’t we?

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