TOP DRAWER INK NEWSLETTER

 

Here's the latest issue of Top Drawer Ink, the newsletter written by author HL Carpenter that's chock full of humor and common sense information.

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March 1, 2008
Volume 6, Number 5
ISSN 1554-6330

In this issue:

1. Carpenter Country
2. Top Drawer Article
3. Top Drawer Tips
4. Top Drawer Satire

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CARPENTER COUNTRY
What's Happening in Our Neck of the Human Experience

 

Here in Carpenter Country, we’re a frugal bunch. So when the short one came across GreenScapes, a US government Environmental Protection Agency web site with tips about saving money while helping preserve natural resources, she hit the print button.

At first glance going ‘green’ seemed to add up to a lot of shopping. On top of that, most of the suggestions looked like they’d cost more money than they’d save. For instance, does growing your own veggies or collecting rainwater sound inexpensive - or like something that can be done in an hour?

The short one thought no way...but she was wrong.

Once the rain barrel was set up, Mother Nature filled it on her time. Using roof runoff to wash cars, pets and windows helped reduce water bills. Houseplants liked the free stuff too.

Throwing kitchen and yard waste into a garden plot took less than ten minutes. Plus composting eliminated dragging a trash can to the curb and hauling high priced bags of fertilizer home.

Readying a vegetable garden for planting stole several hours, but provided a lot of laughs. Hopefully, harvesting the crops will turn out to be no more of a hassle than driving to the supermarket. Another positive: Fewer shopping trips could eventually add up to fewer gas stops.

It seems green is mean, which translates into: Great! Wonderful! Marvelous!

Actually Green is Mean was the title of an article on how to save money printed in this newsletter in 2004. Today a rewrite would include: Reduce. Reuse. Recycle. Rebuy.

And the updated title would read “Green is Even Meaner”.

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TOP DRAWER ARTICLE

Choosing a Tax Year
by
HL Carpenter

 

You own a small business and have heard that you must figure your taxable income on an annual accounting period called a tax year. There are two options, a calendar year and a fiscal year. What’s the difference between them?

Read the entire article here

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TOP DRAWER TIPS
Topics and Tidbits

 

Tip: The type of business entity you choose when starting your business can affect the accounting period you select. For instance, if you establish a Subchapter S corporation, you may have to make an election or request IRS approval to use a fiscal year. In addition, S corporations generally have to file an additional tax form and make an annual payment to the IRS. The payment represents the value of the tax deferral you receive by using a tax year other than a calendar year.

Glossary Term: Short tax year. A short tax year is an accounting period of less than twelve months. You may have a short tax year in your initial or final year of business, or if you choose to change your accounting period.

Financial Horoscope: You don’t have to be a business owner to know small decisions can affect your financial bottom line as much as large ones. What’s equally important is the understanding that decisions must be made, and arming yourself with enough knowledge to choose the option that’s right for you.

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TOP DRAWER SATIRE

Eating Your Lunch
by
HL Carpenter

 

The Justice Department is urging Americans not to get burned by a half-baked scam called the “Free Lunch”.

Read the rest here