4 Things To Know About Filing Your Small Business Tax Return

About 85% of small business owners rely on a professional like Person CPA Group to file their taxes. This is because according to a recent National Small Business Association survey, nearly 60% of business owners report that the administrative burdens were the biggest problems posed by federal taxes. There have been a lot of changes to tax law in recent …

State Income Tax Returns Accepted Starting Jan. 19 With Enhanced Security Measures

The Louisiana Department of Revenue (LDR) will begin accepting and processing 2015 state individual income tax returns on Tues, January 19. That’s the same day that processing begins at the Internal Revenue Service (IRS). The Department also enters this tax season with a focus on safeguarding taxpayers against fraud. During the past two years, LDR has saved taxpayers more than …

Tax Planning Should Be Your Year-Round Priority

Year-round tax planning can save both time and money by helping you take advantage of opportunities throughout the year to position yourself and your business to pay the lowest possible tax. Before you can begin your tax planning though, you have to get organized. If you are not using QuickBooks or other accounting software, now is the time to move …

The Protecting Americans from Tax Hikes Act of 2015

The omnibus spending bill, ‘The Protecting Americans from Tax Hikes Act of 2015’ was signed into law last Friday and extends a number of important tax breaks. It also makes a number of them permanent. Among the deductions, credits and tax provisions included in the bill: The Research & Development credit Increased expensing limitations and treatment of certain real property …

Bonus Depreciation and the Enhanced Section 179

In July 2015, the Senate Finance Committee voted to extend bonus depreciation and the enhanced section 179 deduction through 2016. Bonus depreciation may result in substantial tax savings for businesses that already had plans to purchase or construct qualified property. Unlike section 179 expensing, you do not need net income to take bonus depreciation deductions. Further, bonus depreciation is not …

Most Retirees Need to Take Required Retirement Plan Distributions by Dec. 31

If you were born before before July 1, 1945, you generally must receive payments from your individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31. Known as required minimum distributions (RMDs), these payments normally must be made by the end of 2015. But a special rule allows first-year recipients of these payments, those who reached age 70 during …

Why Am I Being Audited By The IRS?

There are countless reasons you may be chosen for an IRS audit. Typically, the only time the selection is random, however, is if your tax return is entered into the IRS’s National Research Program. This program enables the IRS to study the taxpaying habits of a cross section of the country. You may not have made any mistakes if you …

Louisiana Corporate Tax Rates Neither Highest Nor Lowest in Country

Levied in 44 states, corporate income taxes account for a relatively small share of state revenue — 5.2 percent of state tax collections and just over 2 percent of all state revenue, including federal transfers. Top rates range from a low of 4.53 percent in North Dakota to a high of 12 percent in Iowa. Louisiana’s rates fall in the …

Of Loopholes and Tax Expenditures

Conversations about “loopholes” in the tax code are often unproductive. “Loophole” is a loaded word, one that sneaks in hidden assumptions without justifying them. But loaded words are often effective; especially, apparently, the word “loophole.” As a result, the word has been used far too often and applied in all sorts of inappropriate situations. The end result has been a …

Louisiana Small Business Tax Rates Incentivize Some, Penalize Others

Businesses in Louisiana pay widely different effective tax rates depending on which industry they’re in and how long they’ve been operating in the state, according to a new report from the Tax Foundation in collaboration with KPMG. “Louisiana’s tax structure is characterized by high rates and partially offsetting incentives, particularly for new, but in some cases also for mature, firms,” …