Monthly Archives: May 2012
Why wouldn’t you take advantage of a tax credit for small businesses? In the case of health care tax credit enacted in the 2010 Affordable Care Act, the answer is if it is too confusing or if the cost to receive it is more than the credit is worth. This health care tax credit was supposed to be helping millions of small business to be able to provide health insurance for employees, paying out a budgeted $2 billion dollars on tax returns for 2012. Instead, as the Government Accountability Office reports, only 170,300 companies out of the 1.4 million to … Click to Read More
You’ve started your own business, and now it’s time to file your first tax return. Even if you hire a business tax preparation specialist, you will need to have your files in order and make some decisions on how you want to file your return. In continuation from last week’s post, here are 3 more tips to help with your first business tax return. Figure out which depreciation method you want to use. The IRS allows a deduction in your first year of up to $100,000 for most equipment and furniture purchased for your business. The alternative is writing off … Click to Read More
You’ve started your own business, and now it’s time to file your first tax return. Even if you hire a business tax preparation specialist, you will need to have your files in order and make some decisions on how you want to file your return. Here are 3 tips to help with your first business tax return. Make sure you carefully review the entire form. It can be easy to miss what you enter where, so make sure to completely review your business tax return to avoid mistakes. There may be questions about the nature of your business, how many … Click to Read More