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For small business owners, tax breaks often come in the form of tax deductions – which can offer a nice little instant cash savings – if you know how to navigate tax law and claim the deductions you deserve (not what you believe you are entitled to). 

Large tax deductions are a notorious red flag for the IRS, with home-based businesses, in particular, facing an increase in tax audits due to suspicious deduction activity on income tax returns.

To help you navigate the complex world of business tax deductions, here is some foundational guidance that will help you take the deductions that you deserve. (more…)

Corporate officers will sometimes attempt to disguise what should be payment for services as distributions of cash, dividends, and loans as a means of avoiding payroll taxes on the income.  Because they are pass-through entities, Sub Chapter S corporations are especially prone to the misclassification of income attributable to a misunderstanding of the compensation rules or by deliberate attempts to reduce the payroll tax bite.  Hence, the IRS and Congress are placing an increased emphasis on “reasonable compensation” and the collection of additional payroll taxes from the business and additional withholding from the officer or owner. (more…)

The “Hiring Incentives to Restore Employment Act of 2010” more commonly referred to as the HIRE Act, was passed by Congress and recently signed into law by the President.  The Act provides employers with incentives to hire unemployed individuals.  The provisions of this new legislation apply to workers hired after Feb. 3, 2010, but only for wages paid after March 18 (the date the legislation was signed into law). Also see - Can A Spouse Quality for Hire Act Benefits? (more…)

The following overview of the tax-related provisions of the new Health Care Legislation will affect virtually every individual and most businesses in one way or another and will significantly impact tax returns in the future. See how these changes will impact you and your finances and be prepared for them as they take effect. Click here to learn more and read the full newsletter.