Foxnews.com recently released an article detailing the Obama administration’s request to Congress for a nearly $1 billion budget increase for the IRS, a move that would allow the agency to hire thousands more employees. 

The administration is arguing that hiring additional IRS agents will more than pay for itself. The IRS wants to dedicate another $400 million to enforcement efforts, claiming that alone would raise $1.5 billion in additional revenue — once all the agents are trained up in a few years. 

The request is an attempt to restore money to the IRS budget that was cut in 2011. The $12.8 billion budget request would mark an 8 percent increase over the 2012 budget, but a 5.3 percent increase over the prior year’s budget. 

Republicans moved to pare down the IRS budget last year. The cuts were part of a broader effort to rein in federal government, but the IRS was targeted in part because of its role in carrying out the federal health care overhaul. The IRS, among other health care tasks, is supposed to make sure Americans follow the requirement — which is under court challenge — to buy health insurance. 

But the IRS argues that more money means more agents, and that means more revenue. 

The National Treasury Employees Union estimated the increase would allow for 4,000 more employees to be hired. 

“The additional funding is critical to repair the damage of the harmful cuts during the past two years,” NTEU President Colleen M. Kelley said in a statement. “The IRS collects some 93 percent of all government revenues — it only makes sense to view IRS funding as an investment towards economic recovery.” 

According to the IRS, the agency collected $2.415 trillion in taxes in fiscal 2011. 

In addition, the IRS has reported that small business owners as a whole regularly overpay their taxes by as much as 84%.  If you own a small business, it’s imperative that you take maximum advantage of the tax benefits allotted to you by law.

Find out the deductions you may be missing and start saving thousands of dollars right away with a free tax consultation for business owners.

Whether you’ve held a corporate entity for decades or just incorporated your business this year, you should make sure that you’re aware of all of the tax rewards out there for small business owners.

Although you may think that you’ve got your taxes down to a science, it’s likely that you’re still letting a few deductions slip past you…which means you’re losing money that could be and should be in your pocket, and not the hands of the IRS!

Schedule your 100% free business tax consultation today!

To read the full article on the billion dollar IRS budget increase please click here.

Aaron Young will join the impressive and dynamic panel of speakers for the March 1-4, 2012 Author 101 University Event at the Westin LAX in Los Angeles, CA. Speaking on the importance of incorporating your business by forming a Corporation or LLC, and how to avoid piercing the corporate veil for small business owers through corporate compliance and proper record maintenance.

This is a wonderful opportunity for anyone seeking the chance to hear some of the nation’s leading experts in business growth and development.

Author 101 is the event for experts, entreprenuers, authors and those reinventing your lives… Do you want to expand your brand, reputation and earnings as the authority in your field? After 3 days at Author 101 University you’ll leave with the precise tools to propel yourself into the top 3% of any industry.

Learn more about Author 101 –>Rick Frishman Invites You to Author 101 University March 2012

Imagine a gathering of some of world’s most sought after marketing and publishing experts ready to give you the “keys to the kingdom” to:

- Get your book published

- sell your book to a publisher

- promote yourself using low-cost means online to catapult your sales & exposure

- make your book a bestseller

- transform your business into a mega success

It’s not a dream. In fact, that’s what you can expect at the upcoming Author 101 University event coming to Los Angeles, March 1-4, 2012

Get more details here. 

You’ll hear top publishing and marketing experts reveal tools and techniques to get your book published and double or triple your income as an author or publisher.

But keep in mind, this program is not just for established or aspiring authors. This event applies to entrepreneurs, small biz owners, speakers, and just about anyone else looking to meet and learn directly from some of the bestselling authors and experts in marketing.

Speakers include…

AARON YOUNG Business incorporation and corporate compliance expert

LORAL LANGEMEIER Financial guru and best selling author

RICK FRISHMAN Publicity and publishing expert

SCOTT HOFFMAN Mega literary agent

MARILYN HOROWITZ Hollywood Writing Coach

GARY GOLDSTEIN Hollywood Producer (Pretty Woman and others)

…And many many more listed here. 

There will also be many AGENTS, EDITORS, AND PUBLISHERS on special panels looking to meet you and willing to share their coveted industry secrets.

Meet and greet with agents on Saturday and Sunday morning. They are looking for you…Mega Literary agent Bill Gladstone signs up several new authors at every event!

The last Author101 University Seminar sold out weeks before the event! So sign up now and BRING A FRIEND FOR FREE!!!

Save your spot now  before time runs out.

Today as I was scrolling through my usual small business bookmarks and headlines, I came upon an article from Kimberly Weisul at Inc. com. I wanted to share this article with you and weigh in on your thoughts. As a business owner myself I know I, too, am frustrated with our current regulations and the difficulties placed upon America’s entrepreneurs. These days opening up a business doesn’t seem as appealing as it once was given our ecnomic climate and the various taxes placed upon business owners that are no doubt a big hinderance to our growth and development as a nation.

Drop me a line at aaronyoung@laughlinusa.com and let’s discuss your thoughts on the article, “The Lowdown on Obama’s Small Business Plan.”

I posted the body here so you can read it now and post your thoughts on our Laughlin Associates blog or connect with us on Facebook also at www.facebook.com/LaughlinAssociates. This is a big issue for all of us that own a small business…let yourself be heard and let’s get some changes made in 2012.

“Yesterday, President Obama presented the details behind one of his State of the Union initiatives: to make it easier for small businesses to raise money and to grow. Most of the president’s initiatives fall into two camps: those that change the nature of what it means to be a public company, and nick-and-tuck adjustments that aren’t going to make a huge difference for small businesses. 

The first set of rules, which would make it easier for small companies to raise money, is by far the most promising. These efforts already have some bipartisan support, but this Congress is hardly known for its ability to cooperate. And while some entrepreneurs will no doubt welcome the tax cuts, they’re not going to make a huge difference.

Making fundraising easier

Sites such as Kickstarter and Indiegogo have proven that crowdfunding is a viable way for small companies to raise money. But existing regulations make it almost impossible for entrepreneurs to offer shares to individuals who aren’t wealthy. Entrepreneurs who use Kickstarter to launch their company instead offer t-shirts, ad space, discounts, and whatever else they can come up with. Making it easier for entrepreneurs to actually sell shares could change the ecosystem. The Obama administration is calling for a ‘framework’ to allow this–but that’s something that’s not going to happen immediately.

Similarly, big regulations can take effect when companies raise more than $5 million. The president would raise that ceiling to $50 million. And after companies do go public, the president wants to have public-company regulations kick in gradually rather than all at once, to make going public a bit less onerous. All of these initiatives could really help small companies raise the money they need to grow.

Tax cuts that won’t matter

Then there are the tax cuts. The first, which is actually a tax credit for job-creation, is highly unlikely to persuade any business owner to make additional hires that they wouldn’t have already made. It’s just too much work to bring a new hire on board, never mind letting them go if it doesn’t work out. And financially, the tax credit doesn’t help that much: The president wants to give employers a 10 percent tax credit for new hires, but then the business will have to pay about 7.5 percent in payroll taxes for that same employee (not including unemployment tax). The only thing that will make business owners start hiring is stronger demand for their goods and services.

The president also wants to expand the range of “key” investments in small businesses that are exempt from capital gains tax. This would make a similar provision, enacted in 2010, permanent. This will only be meaningful if the range of eligible investments is dramatically expanded. Currently, the investment has to be in a business structured as a C corporation. Given that all 50 states have passed LLC legislation, that excludes a lot of businesses. Businesses that rely upon the skill of the owner don’t make the cut either, which means entire industries such as financial services, consulting, and engineering are excluded. Plus, the exemptions from capital gains apply to those who invest in small companies–which is not necessarily the entrepreneur.

The other tax cuts are more straightforward: Letting business owners deduct $10,000 (rather than $5,000) in start-up expenses, and allowing business-owners to take 100 percent depreciation on some equipment in the first year.

Then there’s the president’s proposal to add $1 billion to the amount of federal funding available to SBICs, or Small Business Investment Companies. SBICs invest money in small companies, and do a pretty good job of channeling that funding to low-income areas or minority or women entrepreneurs. In 2011, 34 percent of SBIC investments went to companies that fit one of those descriptions. These investments have a great track record of repayment. Why argue with this one?

Helping entrepreneurs right from the start

To really help entrepreneurs get a fair shake from the tax code, the president should seriously consider a long-time proposal from the National Association for the Self-Employed: Stop penalizing self-employed people (and entrepreneurs who have just taken the leap to start out on their own). They can’t deduct their healthcare expenses the way big companies can and they pay both the employer and the employee share of the payroll tax. Ideally, self-employed people will eventually build their companies and hire others. It’s tough enough for them to get health insurance, credibility, and everything else needed to run a business. Instead of giving them a hand, we’re handicapping them right from the start.”

*Thanks to Inc.com and Kimberly Weisul for this content.