Presidential Power

Once again, comedy gold from this week’s Onion.  A few choice quotes:

Having won another four years in the White House, President Barack Obama will retain about the same amount of power as American multi-millionaire Mitt Romney, leading political scientists confirmed today.

Though Obama still holds veto power, Romney’s massive wealth ultimately makes it much easier for him to push legislation through Congress.

On a more serious note, although everyone is probably hoping that upcoming tax changes would be clearer now that the election is over, it won’t be quite that simple.  Congress still has at least a month and a half to make changes, and if history is any guide it may well take that long.  One of the items currently on Congress’ radar is AMT.  If they don’t enact an AMT patch by the end of the year, roughly 28 million taxpayers would be faced with a very large, unexpected tax liability for 2012, according to my daily tax update from Thompson Reuters.

Do you have the support you need to manage your small business bookkeeping? Contact us to schedule an appointment to speak with a local small business advisor.