14 Tax Issues Facing Small Business Owners in 2014

14 Tax Issues Facing Small Business Owners in 2014 This post is brought to you by TaxAlli.com.

It is that time again! If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around tax time and putting together the records for your accountant is never easy, especially if you run a small business. As the tax filing deadline approaches now is the best time to make sure you can maximize your 2013 tax return, but more importantly to start planning ahead for 2014.

2014 will be a challenging tax year for businesses and higher-income taxpayers. The following issues are concerns that may impact you and your business’s tax liability in the New Year.

Small Business Health Insurance Credit – The tax credit to small employers (25 or fewer equivalent full-time employees) that provide an affordable health insurance plan for their employees and supplement at least half the premiums, will increase to 50% of the employer’s contribution in 2014, up from 35% in 2013. For non-profit employers, the credit will be 35% in 2014.

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Important Tax Dates for Businesses in 2014

Important Tax Dates for Businesses in 2014This guest post is brought to you by GoDaddy Online Bookkeeping (formerly Outright) the simplest way to manage your small business finances online. Sign up today for a less taxing tax time!

When tax season begins, many business owners struggle to keep all the dates they have to remember in order. We thought we would give you a quick list of all the  major tax days coming up through April so you never forget a big tax milestone again.

January

15th – 4th Quarter Quarterly Estimated Taxes

When you’re a business owner or a freelancer, you don’t pay taxes like most workers do. Instead of money coming out of your paycheck every period, you pay taxes on the work you do or items you sell. You pay this money, called quarterly estimated taxes (QETs), every few months.

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