The IRS recently published a newswire urging people to safeguard their records. IRS Acting Commissioner, Kevin M. Brown stated, “With forecasts calling for an active Atlantic hurricane season, the IRS encourages taxpayers to protect tax and financial documents that can be hard to replace.” (Newswire dated June 1, 2007)

Actually whether or not you live in a hurricane area, there are many things that can happen to destroy important records. We all think about big natural disasters such as hurricanes, tornados, earthquakes, etc. But there are other disasters that can affect anyone no matter where you live. They include such things as fires, flooded basements, theft, accidentally throwing things away, etc.

If you operate your own home business, then you are probably aware that there a few drawbacks to being self-employed, just as there are a few drawbacks to any major decision you do in your life.

Being an entrepreneur and self employed often means that you lose some workplace benefits, such as group insurance, sick leave, paid vacations, etc. However, the government does provide solace balance to those who have an entrepreneurial spirit, and this solace comes in the form of tax breaks, because you the home worker small business owner, are the largest source of employment in America.

By STATE SEN. CHIP PEARSON

Chip Pearson

As a state Senator, I hear from my constituents on a daily basis, as they describe the issues that matter to them most. One of the most common concerns I hear these days is on the average citizen’s growing tax burden. In 2007, our hardworking citizens pay several different taxes - sales tax, property tax, ad valorem tax, fuel tax and others. Currently, there is a great deal of ongoing discussion under the Gold Dome about tax reform in our state. In the meanwhile, one way for Georgia citizens to avoid higher taxes is to avoid some of the most common tax schemes. These blatant scams affect American taxpayers in numerous ways, whether it’s defrauding them out of their hardearned dollars or causing taxes to rise due to the loss of federal revenues. Each year, the IRS identifies some of the most ridiculous and harmful tax schemes, and I’d like to highlight some of them this week.

 Financial strategies that can help keep unforeseen liabilities from dampening your success.

Business success depends on expecting the unexpected. That is especially true when it comes to tax liabilities. An unusually high quarterly or annual tax bill can easily cause a cash crunch, limiting your ability to grow and manage your company.

The best way to avoid that unpleasant scenario is to sit down regularly with your Financial Advisor and your tax advisor. Together, you can plan strategies that reduce your company

Mess with the IRS?

You’ve got to be kidding.

But that’s what a scammer was doing when he called Ed Wuenstel of Hays.

When Mr. Wuenstel’s cell phone rang last week, the caller ID read: “Out of Area.” He said that lack of identification immediately made him suspicious.

“I never use my cell phone for any business transaction, and I am on every Do Not Call list.”

The man on the phone said he was calling from the Internal Revenue Service. Mr. Wuenstel asked the caller how he got his number. The man said it came up on a computer. He then asked Mr. Wuenstel for his Social Security number “to verify” who he was.