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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Which States Are The Best To Live In When It Comes To Taxes?

Although federal taxes are not dependent upon where you live in the United States, there are some drastic differences between how states collect taxes from their citizens – considering the different rates they tax for income, property, luxury goods, and even common necessities such as food and clothing. If you have flexibility about where you live, perhaps it is worth it to move to a state with lower taxation rates in categories that apply to you and your family.

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