2015 Tax Bills Passed In The House Benefiting Small Business

Since January 2015, several bills have been passed by the House, including ones to make permanent a few of the 50-plus provisions that expired at the end of 2014. Described below is a sampling. Permanent, higher Sec. 179 expensing: America’s Small Business Tax Relief Act of 2015, H.R. 636, passed on Feb. 13. This bill makes permanent the $500,000 expensing …

The Effects Of Lower Corporate Tax Rates On The Overall Economy

Tax Foundation recently conducted a study on the effect of lower corporate tax rates on the overall economy. The article summarizing their findings is linked below for those interested in tax reform. While we can’t verify all the figures, the article seems to point out that the tax revenue reduction can at least partially be offset by increase in GDP …

Louisiana Ranked Among Lowest Property Taxes in Nation

Well Louisiana, we finally have a third to last national ranking in something that should make you happy! Louisiana is ranked 48th of 50 when it comes to the effective property tax rate on your residence. Some of these statistics were surprising – Delaware’s rates are lower than Illinois, for example. Memories of my time in Chicago a while back …

Back-To-School – Time To Check Your Eligibility for Education Tax Credits

With another school underway, now is a good time to see if you will qualify for either of two college tax credits or other education-related tax benefits when you file your 2015 federal income tax return. In general, the American Opportunity Tax Credit or Lifetime Learning Credit is available to taxpayers who pay qualifying expenses for an eligible student. Eligible …

Small Business Tax Goals

There are many tax planning strategies for small business owners aimed at their individual tax situation and business itself. Regardless of the complexity of the tax situation, one of the following goals will be accomplished: Reducing the amount of taxable income Lowering your tax rate Controlling the time when the tax must be paid Claiming any available tax credits Avoiding …

Affordable Care Act Laws And Your Taxes

Be on the lookout for 2 tax forms: Form 1095-B ( sent by health insurer) and Form 1095-C ( sent by larger employers). If you received subsidies in 2014 to reduce the cost of health care, look for Form 1095-A. If you were uninsured for part of, or all of, 2014 look for Form 8965( exemptions). If you need help …

Employee Benefits: How To Handle Them

Many companies offer a variety of employee benefits to their staff in order to keep them satisfied. The types of benefits include, but are not limited to, health insurance, retirement plans, vacation and sick leave. This Financial Guide provides an overview of the types of benefits that businesses provide for employees and what’s involved in offering them. What Is An …

7 Biggest Misconceptions Business Owners Have About Their Tax Returns

One of the biggest hurdles you’ll face in running your own business is staying on top of your numerous obligations to federal, state, and local tax agencies. Tax codes seem to be in a constant state of flux making the Internal Revenue Code barely understandable to most people. The old legal saying that “ignorance of the law is no excuse” …

7 Ways To Save Even More Income Taxes

Did you know you can use your previously funded IRA to fund the current year’s deductible contributions? Well, you can. If you don’t have enough cash to make a deductible contribution to your IRA by April 15th (2015), here is how you can still take the tax deduction for tax year 2014. To get started, all you need is an …

Tax Planning For Small Business Owners

Tax planning is the process of looking at various tax options in order to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability. Many small business owners ignore tax planning. They don’t even think about their taxes until it’s time to meet with their accountants, but tax planning is an ongoing process …