Business Tax Tips - Tax Tips for Businesses

business taxes NOTE:  The information provided is accurate for the years provided.  Major changes in tax law pursuant to the Tax Cuts and Jobs Act 2017 may make some of the tips obsolete after December 2017. Please call us at (603) 432-0310 to discuss how changes in the new tax law may affect you.

How should you substantiate business expenses?  Do you lease assets to your corporation?  When do you need an EIN?  Are you planning to sell your business?  Is the standard mileage rate or actual expenses better?  Do you work with your spouse?  For answers to these questions, please see our Tax Tips Small Business Edition-Winter 2017.

Company outings may be deductible.  Know the rules and limits for gift giving.  Deduct home office expenses using the simplified method or actual costs.  Get a Form W-9 before paying subcontractors. For answers to these questions, please see our Tax Tips Small Business Edition-Summer 2017.

Do you know how to protect your business from scams?  Do you know the new business tax due dates?  Do you qualify for the small business health care credit?  Have you seen the IRS’s ACA Employer Shared Responsibility tool?  For answers to these questions, please see our Tax Tips Small Business Edition-Winter 2016.

Depreciating business equipment and luxury autos changed.  Record keeping is key to being able to deduct business travel expenses.  Not all start-up costs are deductible.  Know what qualifies for a like-kind exchange to defer gains. For answers to these questions, please see our Tax Tips Small Business Edition-Summer 2016.

Should you use actual auto expenses or the standard mileage rate?  Do you know the who, what, when, why and where of paying estimated taxes?  What should you consider when starting a new business?  For answers to these questions, please see our Tax Tips Small Business Edition - Winter 2015.

More people can use the simplified home office deduction.  Reimbursing employees for health insurance can be costly for employers.  Truck drivers and transportation workers can claim higher tax deductions with proper documentation.   For answers to these questions, please see our Tax Tips Small Business edition-Summer 2015.

Call us at (603) 432-0310 for help in creating a business tax planning strategy tailored to your needs.

About Judy Murray, CPA