MyCorp Presents: Your 2013 Small Business Tax Guide

2013 started with a bit of a bang – with the looming fiscal cliff threatening tax hikes and benefit cuts, Washington scrambled to pass a budget that would allow the USA to continue trying to climb out of the recession. However, many small business owners are wondering what this means for tax laws in 2013. Is anything going to change? Do they have to do anything special? To help sort through the chaos, MyCorporation has prepared a list of important items and small business tax advice for owners to be aware of when filling out their 2012 returns.

2012 Returns and Deductions

One of the biggest concerns that business owners have is how the fiscal cliff discussions will affect their 2012 returns. The American Taxpayer Relief Act of 2012, which was passed on January 1st 2013, was the piece of legislation that averted the fiscal cliff. And for many businesses, its contents will not affect their 2012 return. However, it did retroactively affect a few things, most importantly Section 179 and the Research and Experimentation Tax Credit. Continue reading

5 Tips for Preparing Your Small Business’s Taxes

At the beginning of each year, businesses begin to look at what they spent the year before, gather up receipts, approve budgets for the year, and start to get ready to file their taxes. Prepping your small business’ taxes early can be a long drawn-out process but gathering and preparing everything early on ensures that you and your employees are taken care of completely before April 15th.

Organize all of your records

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