Business Tax Guide To Obamacare
Posted on: September 25, 2013
In 2015, major tax provision changes will take place due to Obamacare. These changes will impact employers, pharmaceutical manufacturers and those in other health related industries. This blog will serve as a business tax guide to the key provisions of Obamacare. Health Insurance Tax Credit for Small Businesses: In 2015, a company with less than 25 full time employees that pays an average yearly wage of less than $50,000 will be offered a tax credit based on a percentage of the health insurance premiums it pays for its employees. Tax-exempt businesses will qualify for a lesser credit. A for-profit small … Click to Read More
Fewer Households Paying No Federal Income Tax
Posted on: September 16, 2013
A new analysis from the Tax Policy Center predicts that the number of households who aren’t paying any federal income tax has dropped. It seems fewer households are paying no federal income tax. The analysis further projects that this percentage will continue to decrease in the coming years due to the expiration of provisional tax cuts that were ratified during the Great Recession. The termination of these cuts means that incomes have slowly started to increase which, in turn, has meant an increase in tax bills. Most believe that this trend will continue, at least in the near future. This site … Click to Read More
Business and Personal Tax Tips to Lower You’re Tax Bill
Posted on: September 4, 2013
Here are some easy and basic ways to lower your tax bill. These are both business and personal tax tips. Claiming Rents and Personal Housing Occasionally people rent out individual rooms in their house while living there themselves. While you can normally take a simple rent deduction when you have a renter, it becomes much more complicated than that when you own and live in a house where someone is renting a room. In this case, you can deduct home repairs and utilities (in addition to the 3.64% you can claim for depreciation). However, a key point to remember is … Click to Read More
Business Tax News: Group Advocates Closing Corporate Tax Loopholes
Posted on: August 29, 2013
A coalition named Americans for Tax Fairness (ATF) has recently held events in sixteen states for the purpose of pressuring Congress to close corporate/business tax loopholes. It is their premise that removing the ambiguities in the corporate tax code will help to prevent impending budget cuts to vital services and benefits. The ATF, which has more than 325 state and national chapters, is organizing the events at this time in anticipation of the conflict on budget and tax issues which is expected to occur in Congress shortly after the Labor Day recess. A report called The High Price of Tax … Click to Read More
IRS Curtails Late S Corp Election
Posted on: August 26, 2013
The Internal Revenue Service has recently consolidated the procedure for requesting relief for businesses that make late elections to become S corporations. The new streamlined relief comes in the form of Revenue Procedure 2013-30 which was drafted by David Kirk and published earlier this month. This new procedure combines the provisions of several existing revenue procedures and, in some cases, extends the time period under which relief for late S corporation elections can be granted. Procedure 2013-30 offers shortened approaches for taxpayers who request relief for late S Corporation elections, Small Business Trust elections, Qualified Subchapter S Trust elections, … Click to Read More