Accounting, Tax

Small businesses are not only trying to find their way in an uncertain economy, but they are also dealing with the seemingly constant changes to tax code and increased complexity of regulations.

Mike D'Avolio, Senior Tax Analyst, Intuit offers these suggestions as the Most Overlooked or Least Known Deductions for Small Businesses:

Though the American Taxpayer Relief Act, more commonly known as the Fiscal Cliff Bill, was passed back in January of this year, it still has a lot of small business owners wondering how, if at all, this new legislation will affect them.

The end of the year is the perfect time to step back, take a deep breath and see what worked, what needs improving and what needs scrapping according to most business experts.

Occupational fraud is a significant threat to small businesses. 

When the IRS issues a request for information about a company’s tax returns, panic usually ensues.

At least once a month, quarter or year, taxes give small businesses nightmares. The sheer number of different taxes is mind-boggling, and the rush to review sales, put together multiple returns and mail everything out on time is chaotic. It kills time and sanity better spent growing a business.

No onestarts a business for the pleasure of paying taxes.

That is why Jonathan Barsade, CEO of Exactor, argues the need to rethink the boundaries of do-it-yourself (DIY) business. The hectic tax rush needs to become a thing of the past.

Many employers are not aware that federal tax rules allow premium payments for long-term care insurance to be treated as medical expenses.