Article Category: Tax Planning
Avoiding a Small Business Audit
Posted on: June 9, 2014
Avoiding a Small Business Audit – Although budget cuts forced the IRS to perform fewer audits last year than they had in the previous several years, small businesses remain one of the categories targeted by the audit process. In spite of this fact, there are a number of things small business owners can do to make being selected for an IRS Audit less likely. Should an audit be conducted, these same actions will help to ensure a favorable outcome. One of the most obvious ways for a small business to avoid an IRS Audit, is for the business owners to … Click to 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 … Click to Read More
Small Business Tax Breaks in the News
Posted on: May 1, 2014
Small Business Tax Breaks in the News -This past Tuesday, the House Ways and Means Committee voted to extend six of the more than 60 small business tax breaks that expired on January 13, 2013. Although most analysts assume that the proposal will not be bought up for consideration by the House of Representatives for quite some time, the vote is none the less significant in that it favors extending the small business tax breaks permanently, rather than for some set time period. Proponents of the proposal feel that this will allow small businesses to better plan for the future … Click to 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 … Click to 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. … Click to Read More
Some Business Tax Mistakes To Avoid
Posted on: March 6, 2014
Some Business Tax Mistakes to Avoid Some Business Tax Mistakes to Avoid – Since the sum total of the taxes paid by a business is such a major expense, the saving of tax dollars can be one of the most important contributing factors to business success and profitability. With the corporate tax deadline fast approaching, this article is focused on giving business owners a heads up on some common tax mistakes to avoid. One common business tax error is to incorrectly classify workers as independent contractors when they should be classified as employees. Unfortunately, selecting the correct classification can be … Click to Read More
Small Business Tax Deduction Alert!
Posted on: February 17, 2014
Small Business Tax Deduction Alert – With the 2013 business tax deadline fast approaching, it is important to be aware of those tax breaks that are available to help your business reduce its overall tax liability. In any given year, the use of tax deductions, tax credits, tax exemptions and tax incentives can significantly reduce the tax bill that your business will have to pay. On the flip side, to overlook these tax breaks essentially means that your business will overpay its tax bill. The following is a list of some of the small business tax breaks that are available for … Click to Read More
Tax Time: Choosing Right Business Entity is Crucial for a Small Business Owner
Posted on: February 6, 2014
Choosing the right business entity is one of the most important decisions a small business owner has to make. While many factors must be taken into account in making this choice, the tax implications of the various business structures are probably the most important consideration. Each business entity is subject to different tax rates, tax liabilities and tax reporting procedures, making entity selection the one of the most important elements of effective tax planning. Because the tax code for business is not only complex but constantly changing, the entity selection process may require the help of a competent tax professional. … Click to Read More
Tax Notifications and Updates for 2014
Posted on: January 22, 2014
This article discusses Tax Notifications and Updates for 2014: Postponement of Filing Date Taxpayers are still feeling the effects of the federal government shutdown which lasted for 16 days in October. According to the IRS, January 31st is the earliest date that the agency will begin processing individual tax returns, a postponement that was necessary in order to complete all the system updates which were affected by the shutdown. Taxpayers can still submit their returns electronically as soon as they are ready and the e-filer will hold them until processing begins. However, the IRS encourages anyone who … Click to Read More
Health Market Delay for Small Businesses
Posted on: December 2, 2013
Health Market Delay for Small Businesses – The day before Thanksgiving the United States Department of Health and Human Services announced another delay in the use of government websites to enroll in health insurance plans under the new Patient Protection and Affordable Care Act. According to the announcement, small businesses will not be able to use the government sites to enroll in health insurance plans until November 2014. This was the second such delay for small businesses. These exchanges were originally scheduled to be available for enrollment on October 31st and had already been delayed once to a new deadline … Click to Read More