Article Category: Business Start-up Services

Small Business Tax Deductions

Posted on: April 22, 2015

Small Business Tax Deductions Being a small business owner has its challenges and rewards. Business tax deductions can be both. While many tax deductions are available to small businesses, it requires both knowledge and commitment on the part of the business owner or a business tax professional to keep up with what deductions are available and apply them to their maximum advantage. To do otherwise, automatically means that the business will be paying a larger tax bill than they would otherwise need to pay. Some of the common business tax deductions are discussed below. Office Supplies – The purchase of … [Read more…]

Cadillac Tax on the Horizon

Posted on: March 16, 2015

Cadillac Tax on the Horizon Beginning in 2018, employers who offer their employees health insurance coverage that costs in excess of a certain dollar amount will be required to pay a 40% tax on the costs associated with providing the plans. Currently there is no ceiling on the tax deductible amount employers can claim for providing health insurance for their employees. This will continue up until January 1, 2018 when the new tax is instituted. This proposed tax is appropriately named the “Cadillac tax” because it targets only high end policies, individual plans that cost more than $10,200 per year … [Read more…]

Audit-Proof your Small Business Tax Return

Posted on: October 27, 2014

Audit-Proof your Small Business Tax Return Audit-Proof your Small Business Tax Return – Although there is no way for a small business to avoid an IRS audit with absolute certainty, there are some steps that can be taken to minimize the chances of being selected. In addition to being one of the categories targeted for audit by the IRS, there are certain conditions that make the chances of a small business being selected for an audit more likely. Because business tax law is so complex, it may be advisable for a small business owner to consult with a business tax … [Read more…]

Important – Net Operating Loss Deduction!

Posted on: September 11, 2014

Don’t Overlook the Net Operating Loss Deduction Important:- Net Operating Loss Deduction – The carryover of a net operating loss is a valuable tax deduction in that it allows an operating loss from the current tax year to offset income from previous or future tax years. This is important because it one of the only means by which the business income taxes owed in any given year can be affected by anything other than the income, tax deductions or tax credits earned in that year. While the rules governing the carryover of a net operating loss are complex, the use … [Read more…]

The Outsourcing of Payroll Services

Posted on: May 29, 2014

The Outsourcing of Payroll Services  – Although the outsourcing of payroll services is often one of the smartest financial choices a business can make, there are certain considerations that should be addressed when selecting a third party payroll services provider. While the outsourcing of payroll services has numerous advantages, the fact that these functions are an important component of a company’s success makes the selection of a third party payroll services provider an important decision. Since the employer is ultimately responsible for its payroll and the accompanying tax responsibilities, it is important to select a payroll services provider that is both competent … [Read more…]

Small Business Tax Update!

Posted on: April 4, 2014

Small Business Tax Update -Now that your corporate tax return or your corporate tax extension has been filed, it is as good a time as any to begin making changes that will save your business tax dollars and make tax record keeping a little easier. The following points highlight some small business tax issues that you may want to consider as you move your business forward. The Obvious Have an organized accounting system that includes entering all business expenses in a systematic and timely manner. Along these same lines, keep personal and business expenses separate. Never overlap the use of … [Read more…]

Tax Alert for Small Business Start-Ups!

Posted on: April 3, 2014

  Tax Alert for Small Business Start-Ups! – Any new business owner will soon realize that business taxes are one of the largest business expenses. This being the case, saving money on tax dollars is one of the most effective ways of increasing profitability. However, since the IRS tax code governing the start-up and continuing operation of a small business is so fluid and complex, keeping up with all of the available small business tax breaks can be a daunting task in itself. Outlined below are some of the ways that small businesses start-ups can save tax dollars in 2014. … [Read more…]