Tax Increases 2009 - 2010
Since the new fiscal year just started for us yesterday, there are a lot of tax increases 2009 that are taking place. If you’re in the states, a lot of people will be affected even more during this hard time in the economy. And I can guarantee that every online entrepreneur making money online will be affected by this in some way.
Let’s start with the tax increases in Massachusetts, since that’s where I currently reside. They will be raising sales tax from 5% to 6.25% which is the first time it has increased since I have lived here. (And I’ve been here most of my life).
That will affect a lot of spending I do because anything I purchase will be slightly higher. So, say I purchase a new computer, desk, chair or whatever for my mini office, the extra sales tax accumulates over time.
In addition, they are trying to increase gas taxes as well. That sucks even more with the high gas rates as is, now traveling to business meetings by car will be just a little more expensive than it usually is.
So, outside of my state, almost every other state is being affected in some way with the taxes. I believe Florida is increasing cigarette taxes, Hawaii is increasing hotel taxes, etc.
If you guys have more details on your state, please drop a line by commenting. I would definitely like to know.
Many of these states have different tax increases but ultimately, all of us are affected. Below is a breakdown in states on who will be increasing taxes and fees. It’s from May so it’s a little old but you’ll get some rough idea for your state.
Now, as an online entrepreneur, we all have to pay taxes. Technically, you’re supposed to report everything you make to the IRS and if you work from home, that basically means you’ll be writing a check out every April. But next year, I believe you will be writing a bigger check.
I read that people making over $250,000 a year will have their taxes increase, but now, even those making less than that will have their taxes increases as well. So, in essence, everyone that pays taxes will be paying just a little more.
In addition, there might be a slight increase in taxes for health insurance which would drastically affect middle-income homes. But nothing has been confirmed about that just yet but as things are slowly having the snowball effect, I wouldn’t be surprised.
The reason why I am posting about the tax increases 2009 is simply the fact that it will affect all of us making money, buying things, or just living in the states during these hard economic times. I’m not a big fan of taxes but unfortunately, there’s nothing we can do about this.
I guess we have to sit here and just watch us get dug into a deeper hole.
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