I keep reading these comments here that claim that Obama will raise taxes on corporations, which will cause companies to shut down, and people to get laid off etc..

So here is a little information from someone who is quasi-literate in such affairs. First of all Obama is not talking about raising corporate taxes, which are very different from income tax. Obama wants to raise income tax (not corporate tax or capital gains tax) on families that make more than 250 thousand dollars a year. So your boss, who probably makes more than that, would want to get paid a little more so he can offset the higher tax that he would have to pay. The increase will come from the PRE-TAX profit of the company that you are working for. More a company pays in salaries the less it pays in tax as the salary, being an expense, is tax deductable. So in other words that tax that would otherwise be paid by the company is now paid by the individual (your boss). So why the whole drama? The answer is actually simple. Corporations have found a lot of loop holes in tax laws and they never pay the taxes that they are supposed to pay. The individuals on the other hand have to pay straight forward taxes based on W2s which some deductions.

So raising your boss’s tax rate is not going to effect your job or the health of the company you work for. Just the tax system will become better and more stream-lined.

I have tried to explain this as simply as possible. I know some of you are going to ask for sources, but you are no websites that will tell it to you in one paragraph. It is common sense if you want to understand it.

I recently made a sizable purchase of source code for a website. The source code was written by myself and a friend. I started with an equity interest in the business, but it didn’t work out. I recently came up with another idea for a business and used money earned from consulting work to purchase the source code in full so that I can repurpose it for my new idea. I paid a few thousand dollars for this source code. I’m curious what options I have for a tax deduction.

I usually get earned income credit, but this year I am a couple thousand dollars above the limit. I have lots of deductions and was wondering if this would help. Also want to know if turbo tax is as easy as they make it out to be?