tax savings for small business

Using a Car for Business? Grab These Dedcutions

Whether you’re self-employed or an employee, if you use a car for business, you get the benefit of tax deductions. There are two choices for claiming deductions: Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies, parking, tolls, drivers’ salaries, and depreciation. Use the standard mileage deduction in 2013 and simply multiply …

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Tax Changes for 2013: A Checklist

Welcome 2013! As the new year rolls around, it’s always a sure bet that there will be changes to the current tax law and 2013 is no different. From health savings accounts to retirement contributions here’s a checklist of tax changes to help you plan the year ahead. Individuals For 2013, the big news is …

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2012 Tax Changes for Businesses

Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes in 2012. Standard Mileage Rates  The standard mileage rate in 2012 is 55.5 cents per business mile driven, 23 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service …

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2012 Tax Changes for Individuals

Here’s what individuals and families need to know about tax changes for 2012. From personal deductions to tax credits and educational expenses, many of the tax changes relating to individuals remain in effect through 2012 and are the result of tax provisions that were either modified or extended by the Tax Relief, Unemployment Insurance Reauthorization …

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Hobby or Business? Why it Matters

Millions of Americans have hobbies such as sewing, woodworking, fishing, gardening, stamp and coin collecting, but when that hobby starts to turn a profit, it might just be considered a business by the IRS. Definition of a Hobby vs a Business The IRS defines a hobby as an activity that is not pursued for profit. …

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Year-End Tax Planning for Businesses

There are a number of end of year tax strategies businesses can use to reduce their tax burden for 2012. Here’s the lowdown on some of the best options. Purchase New Business Equipment Section 179 Expensing. Business should take advantage of Section 179 expensing this year for a couple of reasons. First, is that in 2012 …

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