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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The 2 Tax Deductions that Business Owners Often Leave on the Table

This guest post is brought to you by Outright.com, an alternative to Mint for business. Sign up today and make tax time less taxing!

Tax time is rough for everyone, but it can be particularly brutal for business owners. Everyone needs a little help from time to time, but business owners need to find every break they can to help them stay in business and grow their company.

However, these breaks aren’t just handed to you, and you have to know what they are ahead of time to take full advantage. According to an Outright study completed last year, business owners leave two major tax deductions on the table every year… and taking these deductions could save them tons of money! Continue reading

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How to Determine Your Home Office Qualifies for a Tax Deduction

This article was written by Beth Duff of MerchantExpress.com.

Small business owners who use part of their home to run their business are entitled to deduct certain expenses on their tax returns. However, certain rules still apply when it comes to this home office deduction.

According to the IRS, there are two basic requirements that determine if your home qualifies for the deduction:

The regular and exclusive use requirement means you must regularly use part of your home exclusively for conducting business. If you run your business out of an extra bedroom or dedicated office space in your house, you can take the home office deduction for that space. If you work from your dining room table during the day and use the room for its intended purpose the rest of the time, you do not meet the regular and exclusive use rule and are not eligible for the deduction. Continue reading

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MyCorp Presents: Notable Changes in 2013 Tax Law

What taxes will go up and what kinds of tax breaks for small business can you expect to see extended in 2013? We did the legwork for you today on notable changes you can expect to see for 2013′s tax law.

For some, Income Taxes will go up in 2013 – Small businesses that have a pass through structure – an LLC, S-Corp, Partnership, or Sole Proprietorship – may be affected by the increase in income tax as whatever profits the business takes in translates into their income. However, this will only affect those in the highest income bracket.

  • If you are single and make more than $400k a year, or married and make more than $450k, you will be subject to a rather large tax rate increase from 35% to 39.6%. All other income brackets will be taxed at previous, Bush-era tax rates. Continue reading
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