Accounting, Tax

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.

Years ago, a business owner sat talking on the phone while employees frantically put up a show booth after its shipment to the trade show was delayed.

As attendees filtered into the hall, employees were still stapling background signs and assembling product.

The one-time tax break for buying new or used equipment ends December 31st for small businesses. 

The tax incentive for up to $500,000 expires at the end of the year and small businesses should take advantage of this incentive to upgrade resources.