Article Category: Tax Updates
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 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
Small Businesses Suffer From Recent Shutdown
Posted on: October 22, 2013
Small businesses suffer from recent shutdown. Although government employees suffered the most from the recent government shutdown, many small business owners also suffered a hard hit. Any small business that interfaced with in any way with government agencies or government services probably experience some adverse economic effects. These included loss of revenue and lost opportunities, some of which can never be regained. Here are some specific examples of small business that were impacted by the recent shutdown: Lakeside Group Associates is an executive search firm in Cleveland, Ohio that recruits employees for government aerospace and defense contractors. When the government … Click to Read More
Obamacare Delays for Small Businesses
Posted on: October 7, 2013
Small business owners are the latest victims of recent changes to the time constraints and provisions of Obamacare. Although others have certainly encountered problems with the implementation of this new healthcare directive, it seems that small businesses have recently been dealt more than their fair share of stumbling blocks. Obamacare delays for small businesses: According to a recent directive from the U.S Health and Human Services Department, small businesses will currently have to sign up for Obamacare via snail mail or fax. Although they had been reassured otherwise, they have been told that they will not be given the capability … Click to Read More
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
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
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
Don’t Lose Your Refund to an Identity Theft Scam
Posted on: March 4, 2013
In 2012 the IRS uncovered a mounting problem involving the thefts of innocent taxpayers’ refunds. According to the IRS, investigators found 898 identification theft cases in 2012. This is a number that has tripled in comparison to the previous years. The IRS has issued numerous media alerts and has hired an additional 3,000 employees to be on high alert for such thefts. Here is how it works: Somehow the criminal gets access to a person’s social security number and then they file a fraudulent claim and receive the refund check. One couple found out when they went to file their … Click to Read More
IRS Releases 2013 Refund Information as Tax Season Approaches
Posted on: December 17, 2012
Though the holidays are currently in full swing tax season is lurking around the corner. The IRS has just alerted the public that they expect refunds to be processed as quickly in 2013 as they were in 2012. In 2012, 90% of taxpayers received refunds in less than 21 days. The amount of the average refund was $3,000. To see if you are going to get a refund you can use the new IRS system “Where’s My Refund?” on the IRS web page or click this link http://www.irs.gov/Refunds/Where’s-My-Refund-It’s-Quick,-Easy,-and-Secure. This is a new and improved system on the IRS web page … Click to Read More