Article Category: Business Tax Preparation
Are Business Taxes Too High?
Posted on: September 30, 2014
Are Business Taxes Too High? Are Business Taxes Too High? The debate continues between those who think that the United States corporate tax rate is too high and those who think that it is in line with the average corporate tax rate for other countries. Although it is unlikely that a major tax reform bill will be introduced before the November elections, many believe that one is on the horizon soon after that. Many business leaders and politicians believe that lowering the corporate tax rate is necessary in order to make the United States more attractive to business. Others oppose … Click to 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 … Click to Read More
Business Tax News -Corporate Tax Inversions!
Posted on: August 11, 2014
Business Tax News -Corporate Inversions on the Rise- In order to escape a 35% corporate tax rate, more and more United States companies are taking steps to move their headquarters offshore. While such a move, called an inversion, does not lower a company’s business tax rate on income earned within the United States, it does shield them from paying the high rate on foreign earnings. This provides a huge business tax advantage to multinational companies whose overall business tax rate could potentially be reduced by over 10%! Because the government has been less and less lenient about allowing … Click to Read More
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