Taxes-Business
● How to Choose a Tax PreparerSee the "About Us" tab and the "Why a CPA" page for information on how to protect yourself from fraud by using a reputable, licensed, tax professional.
● 5 Tax Tips for Cash Intensive Small Businesses in the Sharing Economy --
The IRS offers five basic tax tips for firms that either receive large cash income or are part of the sharing economy.
Tips include how to report tips and that large cash receipts must be reported within 15 days. (5.02.2017)
● Received a 1099-MISC? What To Do Next --
You've received a 1099-MISC with money indicated in box 7 - Nonemployee compensation. What's this and what do you do with it?
See this LinkedIn article of mine for what it means and what to do next. (1.31.2017 - © 2017 R. Kulzick)
● Last-minute tax tips for entrepreneurs in 2016 -- Here are a few things entrepreneurs can do before year-end to lower their 2016 tax bills. Not every suggestion is a good idea for everyone.
It's important to stay in touch with your tax professional throughout the year for tips that could be more tailored to your specific business.
There are literally thousands of other ways to reduce your business tax bill, many are limited to certain situations or types of businesses. Contact us regarding tax breaks for your particular business. (11.11.2016)
● I'm a Freelancer - How Do I File My Taxes?
This LinkedIn post from us explains how a freelancer files their taxes, depending on their employment status: employee or independent contractor. There are many facts and circumstances that can impact the appropriate way to report your income and receive all the deductions you are entitled to under the tax law. Contact a professional - we can help. (3.15.2016 - © 2016 R. Kulzick)
Permanent Changes for Business - for 2015 tax years forward - PATH Act
- Section 179 capital expensing - $500,000 per year with the $1 million threshold-
- AC and heating OK beginning in 2016
- $250,000 limit on qualified leasehold improvements for restaurant and retail properties
- Qualifying off-the-shelf computer software included - The research credit has been extended with some changes and additions in 2016
- 15-year straight line depreciation for qualified restaurant and retail improvements
- Eligible contributors of certain food to charities expanded
- Differential wage voluntarily paid to certain employees joining the military
- For C corporations converting to S corporations, the 5-year period for built-in gains
- Low income housing credit
Changes for Business 2015 through 2019 only - PATH Act
- Bonus depreciation - 50% 2015, 2016 and 2017; 40% 2018; 30% 2019, none after
several changes to eligibility requirements - Work Opportunity tax credit extended through 2019 only
- New Markets tax credit extended through 2019 only.
- Energy improvement credit for commercial buildings through 2016 only
- Contractor's tax credit for energy efficient new homes through 2016 only
- Empowerment Zone incentives extended through 2016 only with changes
NOTE - THERE ARE MANY LIMITATIONS AND REQUIREMENTS IN ORDER TO OBTAIN THE VARIOUS TAX PREFERENCES - THIS IS ONLY A BRIEF LISTING - SEE YOUR TAX PROFESSIONAL FOR FURTHER INFORMATION AS TO HOW THEY MAY APPLY TO YOUR SPECIFIC BUSINESS. (12.18.2015)
● Most LLC Tax Returns Are Now Due In One Month - March 15th --Congress changed the due dates for business returns effective with 2016 returns now coming due.
Although there is no specific LLC tax return, most LLCs and LLPs, especially those used by small businesses, have either defaulted to Partnership (1065) filing, or have elected to file as either partnerships or S-Corporations (1120S).
More on this article of mine on LinkedIn (2.21.2017 - © 2017 R. Kulzick)
● W-2 & 1099 Filing Deadlines Changed for 2017 --
The deadlines for filing W-2 and certain 1099 Forms have been changed for 2016 forms (due beginning in January 2017).
See our LinkedIn post for more information. (1.09.2017 - © 2017 R. Kulzick)
● Foreign owners of single-member US LLCs now forced to report to tax authority --
● Time to Start Thinking About Taxes It's that time of year again for both individuals and businesses to start thinking about filing their taxes. My article on LinkedIn discusses the various types of professionals who are licensed to assist in that process. Also shows how to verify their licenses. (1.26.2016 - © 2016 R. Kulzick)
● Just Started a Business? Understand your Tax Obligations --
If you have started a business, or are planning on starting one, tax requirements can be complex and confusing.
This article from Ray Kulzick on LinkedIn discusses why businesses need to consider and plan for taxes from the very beginning. There is also a link to an IRS page providing some very basic information on business taxes at the federal level. (3.27.2017 - © R Kulzick 2017)
● Is It a Business or a Hobby? The IRS Wants to Know --Why does it even matter – they both have costs and usually some type of revenue? Because for income tax purposes, how the entity is handled (business or hobby) is vastly different - both qualitative (what you can deduct) and quantitative (what happens when there's a loss, for example).
Our article on LinkedIn explains the complexities of deducting a business or a hobby on your return. (9.12.2016 - © 2016 R. Kulzick).
● How to Avoid a Tax Audit: 7 Tips for Small Business Owners --
The last thing a small business owner wants is a tax audit - can they be avoided?
There is no sure way to avoid an audit as some audits are random and the IRS is continuously refining their audit screening.
However, years of experience has shown that certain items on a return are more likely to result in an audit, as this article we wrote for LinkedIn discusses. (2.21.2017 - © 2017 R. Kulzick)