Archive for small business tax tips

small-business-taxes-loans-unsecuredWhen small business owners file for taxes, they need to remain informed about changes in tax law.  But sometimes it is overwhelming to sift through various sources for taxes posted online by the government.  To make your life easier, I did some groundwork for you and found these three facts to consider when filing this year’s taxes.

Open the Door to Tax Credits through Health Benefits

Do you supply health benefits to your employees?  If the answer is yes, you may qualify for a 30-35% tax credit off your health insurance premium costs.  There are other stipulations to consider before being eligible.  For instance, you must have less than 25 employees on your payroll earning lower than $50,000 a year.  Check the requirements to be sure you qualify.

Apply Business Tax Credit Extensions

Many business tax credit extensions were projected to expire back in 2009.  However, under replenished legislation passed in 2010 and 2011, these business tax credits still apply today.  Find out if your business is eligible.

Deduct Payroll, Company Cars and Other Business Expenses

Small businesses tend to forget to deduct all the company costs from taxes.  Section 179 permits businesses to deduct payroll expenses, office equipment, vehicle fees and more.  It is designed to help small businesses prosper, even after taking a tax hit.  Utilize it accordingly.  Remember, the deductions extend to tractors, forklifts, and restaurant equipment too.

As a small business owner, you need to stay informed about what tax deductions apply to your situation.  There is much legislation created to help you through this tough economic year without taking a huge hit.

To ensure there is enough cash flow to cover operating costs and business taxes, talk to one of our unsecured business loan experts today.

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3 Small Business Tax Tips

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tax-tips-small-business-loans-unsecuredIt is that time of the year again when small business owners frequent the drugstore for supplies consisting of Aspirin and Pepto-Bismol to keep accessible in their offices continuously for the next few months.  Yes, it is tax preparation time, and even reading this text makes business owners feel queasy.  Finding cash flow to pay the bills is tough enough, but now you must worry about taxes too?!?  Do not fret.  I am sharing with you the top three tips on how to keep business taxes to a minimum.

Record Business Travel

When traveling back and forth from meetings keep a log of the mileage used in a journal.  This helps when filing taxes.  It is difficult to remember every single meeting.  However, tracking the distance on a regular basis helps the accounting department keep the bookkeeping accurate.  If the business is audited, then the logs are present as reference and proof of travels accrued.

Stay Informed on Tax Changes

It is essential to know the tax changes instituted by your local city and state.  For some cities, there is a sales tax increase.  Knowing these changes ensure your payments and deductions are properly managed.

Save Non-Profit Receipts

Do you keep donation receipts?  If your company donates money, goods, property and clothes to a non-profit, then it is wise to obtain receipts from the organization.  You need to hand the I.R.S. evidence of these generous donations.  Be certain to acquire a receipt in return.

If your company is in a financial bind due to taxes and you need funding immediately, talk to one of our unsecured business loan experts today!

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