My CFO on the Go!

The Land of Opportunity Forever: Energizing America

by Stephen Manoj Thompson, Ph.D

One of the great things about the internet is being able to find books by unknown authors that are outside of the mainstream, yet have compelling and interesting content. Land of Opportunity is one of those books.

In The Land of Opportunity Forever: Energizing America Dr Thompson looks at two major world economies. The first chapter looks at America and how it became the superpower of the world. The next two chapters detail some of the social and cultural issues that are challenging America’s status as a superpower. Then the attention turns to India, a country which is becoming a major world economy.

Specifically he looks at social conditions in India and America and shows that the weakening of American culture and moral appearance is at the root of it’s economic problems. He contrasts that with India’s strong national culture and pride of country and its growing presence in the world economy. He then finishes with suggestions on the changes America needs to make to remain a super power.

I found The Land of Opportunity Forever: Energizing America a very interesting read. I had to agree with many of the suggestions. Especially those regarding America’s education system. The current system is failing with unacceptable high school drop out rates. We need more college graduates with degrees in science and engineering. We need to encourage people to get out of debt and start saving. We need to encourage strong families. By looking at the social and cultural influences that are fueling India’s economic growth we can see what needs to be done for America to maintain its position as world super power.

Have you heard the ad on the radio? You know, the one with the kid talking with the cute lisp about her Dad’s used car lot? Or how about the yellow page ad, the one with the picture of the dentist and his family? Do the used car salesman and the dentist think that using their children in their ads will help bring in business? Or maybe the reason they have their children in their ad is because they have a shrewd tax adviser?

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Here are some last minute tax tips straight from the IRS.

If you’re trying to beat the tax deadline, there are several options for last-minute help:

• Receive a six-month extension of time to file using Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.
• Payment options are available to taxpayers having trouble paying their tax bill.
• Download forms and publications at IRS.gov.

Filing an extension will give you extra time to get the paperwork to the IRS and avoids the late-filing penalty, but it does not extend the time you have to pay any tax due. You must estimate your tax liability when you apply for an extension.

You will owe interest on any amounts not paid by the April deadline, and you also will be charged a penalty for late payment unless at least 90 percent of your tax liability is paid by the regular due date of your tax return.

You can also e-file an extension request using tax preparation software on your own computer or by going to a tax preparer.

If your return is completed but you are unable to pay the tax due, do not request an extension. File your return on time and pay as much as you can. The IRS will send you a bill or notice for the balance due and will charge interest and penalties only on the unpaid balance.

If you cannot pay the full amount due with your return, you can ask to make monthly installment payments for the full or a partial amount. You can apply for an IRS installment agreement using our Web-based Online Payment Agreement application on IRS.gov. The Web-based application allows eligible taxpayers or their authorized representatives to self-qualify, apply for, and receive immediate notification of approval. You can also request an installment agreement by submitting a completed Form 9465, Installment Agreement Request, either when you file the return or when you later get a bill from the IRS.

For more information regarding extensions of time to file or installment agreements, including options for requesting an installment agreement online, visit the IRS Web site at IRS.gov and click on 1040 Central.

Remember that for the genuine IRS Web site be sure to use .gov. Don’t be confused by internet sites that end in .com, .net, .org or other designations instead of .gov. The address of the official IRS governmental Web site is www.irs.gov.
Links:

• Form 4868, Application for Extension of Time to File U.S. Individual Income Tax Return (PDF 76K)
• Form 9465, Installment Agreement Request (PDF 100K)

This is an interesting older article from CNNMoney.com.  I would say the one thing that keeps most people from starting their own business is money. How do you know how much you will need and where do you get it.  Surprisingly very few businesses are started with Venture Capital or Angel Funds.   According to this article most small businesses are started using savings and credit cards.

Another interesting statistic,  only 31% of the small business owners surveyed said they started with a business plan.

“Small-business owners spend about $10,000 to start their companies, mostly out of their own pockets, study says.”

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