How to Deduct Business Travel: Part 1
Posted on: June 8, 2012
If you’ve traveled for a conference or visited a client, what can you deduct as costs for your business? Here are some tips to help you separate your personal and business travel expenses, so your business tax preparation will not be hampered by what to count. The purpose of the trip must be primarily business oriented. You may do non-business activities such as sightseeing while on trip, but the main focus must the primary reason for travel. For conferences, travel within North America is deductible if it can be shown that your directly attendance benefits your business. There are special … Click to Read More
Congress Considers Small Business Tax Breaks
Posted on: June 2, 2012
While many congressional observers predict that no significant tax legislation will be passed before the November election, several important measures have been introduced that would provide tax relief to small businesses. Three significant pieces of tax legislation that are currently under consideration in Congress are outlined below: Startup Act 2.0 This legislation would allow small businesses that are less than five years old and with annual receipts of less than $5 million to offset their payroll tax liability through the use of a refundable research and development tax credit. It would also increase the financial stability of these young companies by … Click to Read More
Small Business Tax Credit Flop
Posted on: May 23, 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
3 More Tips for Your First Business Tax Return
Posted on: May 10, 2012
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
3 Tips for Your First Business Tax Return
Posted on: May 3, 2012
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