If you accept credit and debit card payments, pay attention
Posted on | August 15, 2008 | Comments Off
Sometimes, I have trouble explaining to microbusiness owners why it matters that they keep themselves up to speed with public policy.
I have trouble with that because the reasons why it matters seem so obvious to me that it’s difficult to find compelling language to explain it to anybody else. Sort of falls under the same category as ‘if you have to ask the price, you can’t afford it.’
Case in point: the newly enacted housing bailout legislation that was recently signed into law by President Bush contains a tax offset that takes direct aim at the self-employed — that is, you and me and anybody else who files a Schedule C with their personal income tax forms.
This is the sort of thing that microbusiness owners need to know about because they need to know why their cost of doing business may be climbing in the near future. And they need to know about it because they need to be able to hold their elected representatives responsible for what they do to us.
You can read more about the new credit card transaction withholding scheme that got sneaked past everybody in my article over at the OPEN Forum blog:
Making Life Difficult for the Self-Employed
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