Although we are in the middle of the 2014 tax filing season, it is never too early for businesses to plan their tax strategies for the coming year. Overall, most of the same business tax deductions will still be available; including home office (if you qualify), advertising and promotion, auto expenses, travel, equipment and many others. There are some changes however, that may affect your small business in 2015 and beyond.

Capital Gains Taxes Expanded: Long-term capital gains (gains on investments held for one year or longer) will see some changes in how they are taxed based on your income level. The rate ranges from zero to 20%. Here is how it breaks down:

• Taxpayers in the 10% to 15% bracket pay 0%
• Taxpayers in the 25%, 28%, 33% and 35% bracket pay 15%
• Taxpayers in the top income (39.6%) bracket pay 20%

As part of the Affordable Care Act (ACA), a net investment income tax of 3.8% is now being added to capital gains and all other investment income. However, the rate only applies to single or head of household taxpayers with a modified adjusted gross income of $200,000 or higher, married couples filing jointly with a modified adjusted gross income of $250,000 or higher and married filing separately with an income of $125,000 or higher.

Additional Medicare Tax: Another tax change from the ACA is an added Medicare tax of .9%. This tax again only applies to single or head of household taxpayers with an income of $200,000 or higher, married couples filing jointly with an income of $250,000 or higher and married filing separately with an income of $125,000 or higher.

Retirement Account Contribution Changes: Most retirement account contribution limits are increasing in this year. Those with 401K, 403B and 457 plans can now contribute up to $18,000 to their plans with a $6,000 “catch up” for taxpayers age 50 and older. Self-employed plans (SEPs) and solo 401K maximums will also rise from $52,000 to $53,000.

BitCoin Taxes: Virtual currencies such as Bitcoin are not considered “legal tender.” However, in a sign that they are edging closer to becoming mainstream, the IRS is now treating them as property with a tangible value. This means that if you trade virtual currencies and/or you use them to purchase goods and services, you are expected to pay income and/or capital gains taxes.

There are sure to be other changes in the tax code that may impact entrepreneurs and small businesses as the year goes on. Stay in contact with a small business accountant to keep abreast of any important changes that affect your tax situation.