Other Year-End Moves to Take Advantage Of Small Business Health Care Tax Credit. Small business employers with 25 or fewer full-time-equivalent employees (average annual wages of $52,000 in 2016) may qualify for a tax credit to help pay for employees’ health insurance. The credit is 50 percent (35 percent for non-profits). Business Energy Investment Tax […]
Year End Tax Planning BUSINESS Tip #2 Read More »
Small businesses are allowed several deductions to help reduce their overall tax liability. Some of the most popular include the home office, business travel, hotel, meals, and entertainment. Another popular deduction is for business use of a vehicle. There are two ways to take the business vehicle expense deduction; the Actual Expense Method or Standard
IRS Reduces Standard Business Mileage Rates Read More »
Section 179 of the Internal Revenue Code (IRC) is one of the few tax breaks specifically geared toward small and medium-sized businesses regarding business equipment deduction. Under Section 179, a business can write off the purchase of equipment, vehicles, off-the-shelf software, and other qualifying property (up to the maximum allowed) during the tax year in
Understanding the Section 179 Business Equipment Deduction Read More »
Every year, the tax laws change a little, and sometimes a lot. For example, some business write-offs such as accelerated depreciation have largely gone away after 2013. However, there are still a large number of deductions available to entrepreneurs and small businesses. It is important to be aware of them now so you can maximize
Small Business Tax Write-Offs for 2014 Read More »
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