Canadian-American Chamber of Commerce

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Potential issues surrounding the fiscal cliff

Irving, TX

We continue to hear posturing between the White House and Congress regarding the eminent issues surrounding the dreaded fiscal cliff.  But, what does it mean for the average family and or business?

Between tax breaks going away, spending being cut and tax loop holes being closed (according to reports in MSNBC and WSJ), businesses and families may see certain adjustments in their taxes take place.  These adjustments can affect anything from the alternative minimum tax (for more info on this, contact Tobias McFaul at Weinstein Spira & Co in Houston) to allowable expenses and tax deductions.  Many households could see an increase of $4,000 per year for a family of four.

So, the question remains, what benefits can a chamber bring to your newly anticipated tax dilemma?  The answer is… relevant members who can answer tax and investment questions.  The chamber has several qualified individuals available to counsel members on their tax and investment strategies.  They can identify tax shelters that remain in tact and those which may be eliminated.  These experts prepared to service members during this time of uncertainty and can guide members through this tough time.

The question members should also be asking is, “how do I continue to guide and direct my business during this economic uncertainty?”  To answer this question, we look at the nature of the dilemma.  The nature of this issue rests on fear, uncertainty, doubt and a lack of education.  A best recommendation to all members and tax-payers is to pay close attention to what comes out of Washington.  Then, surround your business with skilled and qualified people, consultants and counselors, and finally, arm yourself with questions about how life in 2013 might look different on the economic horizon.

A final tip: every year brings economic uncertainty for everyone, take the time to review the variables in your business that keeps you viable and relevant.  Adopt new practices needed for longevity and be prepared to change course as new rules apply.  Be nimble in your work and boldly face the uncertainty we all face.  Please feel free to weigh in on the upcoming fiscal cliff by responding below.

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