These commonsense tax reforms are being criticized, however, by opponents of tax relief who claim that "only the rich" will benefit.
The debate over tax "fairness" is not just an ethical battle between those who support a free-market economy and those who desire a welfare state.
Myth: The rich do not pay their fair share of taxes and therefore should not get a significant share of a tax cut.
Consider what happened in the years following each of the three times Americans enjoyed significant tax rate reductions.
The 1980s: The top tax rate fell from 70 percent in 1980 to 28 percent in 1988 during the Reagan years. Reality: It is true that the poor will not receive a tax cut when tax rates are reduced, but the reason is that they do not pay income taxes. Myth: The payroll tax is the biggest imposition on low-income workers, so reducing income taxes will have little effect on their tax burden. Reality: This actually is true, but it is not an argument against reducing income tax rates. Reality: Like fairness, "rich" is a subjective term, but the most common definition of "rich" in Washington is someone in the top 20 percent (or quintile) of income.
Myth: Eliminating capital gains taxes, death taxes, the double taxation of dividends, or the double taxation of savings will merely create loopholes for the rich to exploit. Reality: Existing provisions of the tax code dealing with capital have the effect of taxing income more than once. Reality: Every economic theory, including Marxism, agrees that capital formation is the key to faster growth and higher standards of living.
Reality: Only 2 percent of deaths may result in an estate tax liability, but many more families are forced to engage in costly and inefficient tax planning in order to avoid the tax. When politicians pit one group against another, the only winners are those who believe that more power should be concentrated in the federal government.
Whether you want to start a new business, have recently formed a new business, or are a seasoned business professional , First Financial of Baton Rouge, LLC can help you become more successful. Every business is not equipped to tackle the challenges of the financial aspect of the company, as they lack the skill and the required expertise to make it work.
From a cheap tax preparation fee schedule, to preparing financial statements and professional accounting services, a small business accounting service provider proves to be the assistance that newly established businesses are looking for. If you want to avail the benefits of the best tax preparation services, then it is essential to opt for the support of a professional company which also offers online training classes, while handling all your financial operations competently without any hassle. Whether your business is struggling or thriving, First Financial can help make your business better. Every First Financial Analytical Business Physical provides an examination of 5(five) key areas of your business. We find that business owners treat profit as what is left over after expenses are deducted from sales. The First Financial physical is an important vehicle to study the profit history of a business. This portion of the physical is certainly on its own worth $1,500, but every survey does much more! For Most companies, payroll represents the largest or second largest single expense line item on the P&L statement. The First Financial Analyst will examine each of the elements of employee productivity and place a value based upon substandard employee productivity. If a business owner were suddenly to become incapacitated for health or other reasons, what resources are left behind for subordinates to run the business in a manner acceptable to the owner?
Many business owners arrive at their office on January 2nd, after suffering a disappointing previous year in terms of sales, with little to no advanced planning on how to make the New Year better.
One of the best methods to determine the overall effectiveness of the Administration function of a business is to apply the following test: the business owner suddenly and without warning is taken out of the business and for six months and can have absolutely no contact with the firm.
One of the worst things you can do is try to start a business without proper systems and controls in place to control all of the different elements of a business. Our QuickBooks training class is a 6.5 hour interactive session that gives you the knowledge and experience you need to operate Intuit QuickBooks in the most efficient way for your business! If you have 50 transactions or less per month, we will maintain and prepare your financial statements for you on a cash basis of accounting from your bank statements and check stubs for $150 per month. If First Financial of Baton Rouge, LLC maintains your records for the entire calendar year, we will also prepare your corporate return for the business at no additional charge!!!
First Financial of Baton Rouge, LLC has been in business since 2006 and enjoys an A+ rating with the Better Business Bureau with a zero complaint history.
The following are Tax preparation fees for First Financial of Baton Rouge, LLC as of January 1, 2014.
We are here to help your financial matters, big or small, from Monday-Thursday 8am-5pm and Friday 8am-12pm each week.
When you complete the ITS Comprehensive Tax Course, you will be qualified for employment or self-employment as a tax professional and ready to start earning money. FREE Annual Federal Tax Refresher Course to qualify for voluntary IRS Annual Filing Season Program. The Chartered Tax Professional (CTP®) certificate program will enable you to prepare both basic and complex individual Form 1040 and small business corporation Form 1120 & 1120S and partnership Form 1065 tax returns.
The CTC® certificate program will enable you to prepare both individual Form 1040 and small business corporation Form 1120 & 1120S and partnership Form 1065 tax returns.
The CTA® certificate program will enable you to learn to prepare most individual Form 1040 tax returns, including more complex situations. If you have more than one student that you would like to sign up for our courses, you can get a discount! The Income Tax School (ITS) is acknowledged by tax industry and IRS executives as the national standard for tax preparer training and was ranked #1 by Trendlists for online tax education.
All tax preparation courses are developed and taught by practicing income tax pros and are written in easy-to-understand language.

Once you have successfully completed the Comprehensive Tax Course of our tax school, you will have the skills and knowledge required to prepare tax returns for the general public. Commitment – to commit to service and other initiatives that impact lives both within and outside the organization. Communication – Open communication is the cornerstone to the success of any relationship. Respect – we respect the individual and believe that individuals are to be treated with respect.
Competency – our dedication to competence requires not only lifelong learning, but also that we continually assess our ability to appropriately and effectively address the needs of those we serve.
Leadership – leadership both within the firm with respect to developing our next generation of leaders and within our market segment with respect to being recognized by current and prospective clients as a firm that is the leading expert in the field.
Service excellence – to giving the best and world class service and achieving excellence each passing day.
Our vision is that Gundersons Bookkeeping be the Waller County professional service organization that accomplishes the ultimate balance between outstanding client service, a focus on family and the financial success of the firm.
Gundersons Bookkeeping is a bookkeeping and tax firm offering a broad range of services to meet the needs of our clients by having an environment that encourages personal and professional growth and a passion for the firm’s core values.
Bush, holding firmly to his campaign commitment, has proposed a tax reform package that will strengthen America's economy.
It is also an empirical battle based on numbers that often can be verified or disqualified. The bottom 50 percent of income earners, on the other hand, pay barely 4 percent of income taxes. Instead, it is a reason to reform the Social Security system so that lower-income workers can build wealth and enjoy a more comfortable retirement. Many Americans in this quintile hardly would qualify as rich, though, since the cutoff in 1999 for the top 20 percent of tax returns is $79,375 of household income. Census Bureau data show that earnings for all income classes tend to rise and fall in unison. Increases in real wages over time are closely correlated with the average amount of capital available per worker.
The burden of the tax, however, extends beyond those who either face the tax or take steps to avoid it.
Yes, taxpayers will benefit, including some upper-income taxpayers, but the real winners will be Americans on the lower rungs of the economic ladder. We offer Business Consulting Services, QuickBooks Training Sessions, Tax Preparation and all-inclusive Monthly Accounting Services. Most require the assistance and support of global business consulting firms which offer an extensive portfolio of services, for the express support of worried business owners. More especially, it will calculate what the profit potential of the business should be if it were to operate at its optimal levels. The majority of firms we survey operate at below acceptable levels of employee productivity. In most instances, internal resources cannot look objectively at employee productivity because they are usually too close to the source.
Many firms lack a formal business plan and have no job descriptions or a system of job evaluations.
What they did yesterday, last week or last month is how sales activities are directed in the New Year. Are you the right corporate structure or did your accountant just tell you what type to be?
If you (and your spouse or other partners) could not communicate with the business for 6 months, where would it be when you returned?
Trial & Error is a costly endeavor, costing new businesses tens of thousands of dollars.
Feel free to contact us anytime using the form at the bottom of this page or by calling 225-663-2382. Some prices will vary based on the amount of information presented and the level of organization of information presented. Prospective clients will need to apply, participate in an interview process and be screened for eligibility. You will benefit from tax class authors and expert instructors who have years of real world experience working with individuals and small businesses on a daily basis. In case you were wondering, no previous experience in tax preparation or accounting is required. Always dealing with our clients and our team members in a fair and ethical manner; gaining trust through our actions. We communicate openly, honestly and accurately with our clients, teams members, and vendors.
This will be accomplished by creating a culture of pride and passion that will enable us to continue attracting and retaining the best and brightest professionals, who will be rewarded, recognized and respected for their contributions to a firm that is founded on shared core values.
The firm is to support small business owners who are not employing full time or part-time bookkeepers. The across-the-board reductions in personal income tax rates he is seeking will increase incentives to work, save, and invest; and repealing the death tax will eliminate a pernicious form of double taxation while encouraging entrepreneurs and small-business owners to make decisions based on economic value instead of tax considerations.
Unlike European welfare states crippled by redistributionist policies, the United States has prospered because success is admired rather than envied. Not surprisingly, it turns out that many of the claims made by opponents of tax cuts do not withstand close scrutiny. By definition, then, it is impossible to cut taxes without the so-called rich receiving a share of the benefits. 2 In other words, when marginal rates are higher than 30 percent, the rich probably will pay more taxes if rates are lowered. Indeed, because they are on the lowest rungs of the economic ladder, they will be the biggest beneficiaries of the faster growth that follows a tax cut.

This quintile also includes many businesses--such as partnerships, sole proprietorships, and Subchapter S corporations--that use the personal income tax instead of the corporate income tax to file their returns.
6 In other words, economic policy either generates positive results, in which case all income classes benefit, or causes stagnation and decline, in which case all groups suffer. Indeed, the prosperity Americans enjoy today is a continuing legacy of the economic renaissance triggered by President Reagan's tax rate reductions. The death tax affects every family that lives in a community where a family-owned business must be liquidated to pay the tax.
No one can know everything about running a business and often, the owner is too close to the situation to see what is truly going on. Our goal is once you see the depth of knowledge, you will feel confident calling on us when you need us. For the first time, a business owner will get a clear look at how much they are leaving on the table every year without profit controls in place. That is exactly why a survey can measure employee productivity and calculate a close estimate of increased profits through increases in employee productivity. There are no inventory control manuals or credit & collection policies stated in writing. You will receive personalized instructional support and feedback, as well as access to student and instructor forums.
It’s easy to get started today – so put yourself on the short path to earning more income with a tax education from The Income Tax School! Our goal is to free the small business owners from the tedious task of bookkeeping and help them focus in the operations, growth and profitability of their businesses.
But more needs to be done to redesign America's tax code so that barriers to upward mobility that remain are reduced. The top 10 percent saw their share of the burden climb from 48 percent in 1981 to 57.2 percent in 1988.
Most of these small-business owners do not satisfy the conventional definitions of wealthy, but most of them care greatly about tax reform and lowering tax rates.
As Chart 3 illustrates, the high tax policies of the late 1970s and early 1990s are associated with weak economic performance, while the low tax rates of the 1980s are correlated with rising incomes for all quintiles. The death tax affects every worker when investments are sent offshore as families seek to protect their assets from this unfair form of double taxation. What you know, you do well, but in business, it’s what you don’t know that drains profits and eventually kills the business , causing unnecessary stress. Profit advice is nonexistent from in house bookkeepers or from the company’s CPA or chartered accountant.
It is therefore essential that every business has a detailed Sales Plan that undergoes periodic review and adjustment as market conditions change. Are the staff members fully trained to step into the President’s shoes and operate efficiently? We will continue to be recognized as a leader in the community – known for delivering timely, quality professional services. In other words, cutting taxes is not a policy for the rich, but a strategy that will help everyone else become rich or at least rise as far and as fast as their talent, ability, and willingness to work will take them.
So do millions of middle-class families that are mischaracterized as rich by proponents of class warfare. Likewise, all income groups enjoyed increases in income after the 1997 capital gains tax cut. They can even say that there is nothing morally wrong or economically destructive about discriminating against taxpayers who save and invest. And the death tax affects everyone who loses income because a significant amount of money is invested for tax-minimization and tax-avoidance purposes instead of wealth-creation purposes. The starting point is to let First Financial do a nominal cost 2-day study of the operations. In short, the business owners are left in the dark to fend for themselves when it comes to their fiduciary responsibility to maximize profits in their business.
This would be similar to a head football coach sending their team onto the field without a game plan.
Your Analyst will carefully review sales trends in your business and determine the overall efficiency of your sales department.
Socially, we are responsive to the needs of the community by volunteering time and resources as a part of our firm. They cannot argue legitimately, however, that elimination of double taxationcreates loopholes. For many owners, this can be the first outside valuation of the effectiveness of this vital function. Double taxation is a bias; adopting policies that tax income only once will institute fairness in the code.
However, can you as a business owner feel 100% comfortable today that your answers would all be positive?
Your Analyst will carefully examine all elements of the business that should require documentation and put a value on the cost of not having proper written procedures. Your Analyst will carefully examine your Administrative functions and apply the above tests to your firm.
It is very difficult to correct a problem without first knowing that it exists, and more importantly, what’s causing it and how much lost profits are affected by these deficiencies.

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