Isn’t this the biggest rip you’ve seen??

Got this in the company mail today:

Dear Valued Employee:

As you know, President Obama has asked Congress to pass the beginning of his health insurance plan for all Americans. The starting plan will cost some billion a year, of which the President has proposed billion in higher taxes for firms doing business overseas, which is half our company’s business. He asked Congress to find the rest of the money.

Congress has said the other billion a year will come from disallowing corporate tax deductions for employee health insurance, as well as raising the general corporate income tax rate to 35%.

The company will absorb the higher taxes on our foreign operations and the tax increase to 35% even though we expect this to eliminate our currently low net income.

Our corporation pays approximately ,000 per year per single employee and ,000 per year per employee family for the health insurance coverage you presently have.

This means that Congress has decided to raise our taxes by 00 per employee with single coverage and 50 per employee with family coverage.

As you know, our company’s sales have recently fallen by more than at any previous time in our company’s history. Our company is paying no dividends to the owners and may soon be in danger of not earning the interest cost of our debts.

Accordingly, we must pass onto our employees the entire added tax that Congress will impose on your health insurance plan. It is either this, go out of business, or move operations and most jobs overseas.

Effective the first of next month, all US employees electing single coverage health insurance will have their monthly contribution increased by 175 dollars and those electing family coverage will contribute an added 262.50. For hourly employees paid every two weeks, this is .75 and 1.15 respectively.

Thank you for your continued efforts to make the company profitable,

Human Resources Department

Business tax question? I am stumped!!!!?
I ran a business in 2008. It was a plumbing business. I started this business in August 2006. Over the years I have deducted certain assets. Some I depreciated and some I took the 179 deduction. Now where we are not doing business as of now.My husband took a full time job. What happens when I do my taxes this year? Can I still deduct the depreciation where the business ran for 9 months? Also I purchased some assets that I put in at the beginning of the year before I knew the business was going under. Can I deduct those Items for the 9 months I used them? Do I have to dispose of these assets? What about next year where there will be no income. Thanks Janine
By the way I am using turbo tax.

Hi:

I have a client that I charged 35.00 an hour. The going rate is 85.00. They a are 503c( non-profit ). People are telling me that I can deduct the diffrance as a cost of doing business. Is this true?
Thanks