7 Tax Tips for Small Businesses
Here are tips you need to know to avoid compliance headaches and possible fines and penalties
It may be tempting to classify an employee as a contractor to cut costs. Don There are strict rules surrounding the proper classification of a worker and steep penalties for failure to apply the law properly,Vivienne Westwood Bracelet uk. This infographic helps to distinguish between the two,Vivienne Westwood Bracelet mens.
There are convenient electronic services like Intuit 1099 E-file that pre-fill business info and enable you to email or print forms. For example,Vivienne Westwood Orb Earrings ebay,Vivienne Westwood Necklaces ebay, the 1099-MISC is required if you paid $600 or more for vendors like,cheap Vivienne Westwood Necklace, subcontractors,Vivienne Westwood Necklace cheap,Vivienne Westwood Necklace cheap,cheap Vivienne Westwood Bracelet, attorneys or accountants.
You must file the Form W-2 Wage and Tax Statement to report employee wages, tips and other compensation to employees. Once the form is complete, send to the Social Security Administration (along with Form W-3) by March 31 if filing electronically.
Travel costs? Home office purchases? These items,Vivienne Westwood Orb Earrings gold, and much more,Vivienne Westwood Orb Earrings ebay, are considered deductions for the cost of running a business. Refer to IRS Publication 535 to learn more and find new ways to save.
Due to the Affordable Care Act,Vivienne Westwood Necklaces ebay, tax credits are now available to small businesses that offer health insurance to employees. Some qualifications apply. Check this IRS guide for more information.
There are a variety of retirement plans available to small businesses that allow both the employer and employee a tax-friendly way to save for retirement. For more information on these options, and how to capitalize on the government incentives, reference IRS Publication 560.
There is a simplified calculation for determining the deduction for using your home for business use. In general, you will figure the deduction by multiplying the area of your home used for business by $5,Vivienne Westwood Orb Earrings silver,Vivienne Westwood Bracelet uk, up to a maximum deduction of $1,cheap Vivienne Westwood Bracelet,500.
Related: Understanding the Home Office Deduction
Mike D is Senior Tax Analyst with Intuit Professional Tax Group. He has worked for Intuit since 1987,Vivienne Westwood Orb Earrings fake, and has been a small business tax expert for more than 20 years. In this role, Mike serves as the primary liaison with the Internal Revenue Service for tax law interpretation matters, manages all technical tax information, and supports Tax Development and other groups (including customers) by providing them with current tax law developments,Vivienne Westwood Necklaces sale, analysis of tax legislation and in-depth product testing. Mike is a CPA and holds a BS in Business Administration and JD from Boston University.
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