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Archive for Small Business

Government Grants For Small Businesses, Financial Assistance For Entrepreneurs

Small Business Tax, Government Grant, Business Revenue, Mile IQ, Tax Blog, TaxConnections

On the hunt for free money for your small business? Government grants are one source. But funding from Uncle Sam isn’t as easy to come by as you might think. Find out who is eligible for government grants for small business and how to find and apply for grants.

Which Businesses Are Eligible For Government Grants?

Essentially, the source of grant funding comes from tax money allocated through the legislative and executive branches of government. As a result, a limited number of government grants are available and only to select business types. Read more

How The New Tax Law Affects Small Business Owners

Tax Cuts Jobs Act, Small Business Tax, Individual Tax, Depreciation, Pass-Through Tax Deduction, Mile IQ, Tax Blog, TaxConnections

The Tax Cuts and Jobs Act (H.R. 1, “TCJA”) has is now law. The law contains many provisions affecting both individuals and small businesses. The main provisions affecting businesses are summarized below. Except where otherwise noted, these changes apply to after January 1, 2018. Thus, they do not apply to your 2017 taxes and your upcoming tax return.

What’s The New Corporate Tax Rate?

The cornerstone of the TCJA is a new lower rate for regular C corporations. C corporations are separate taxpaying entities with their own tax rates. Under the TCJA all C corporations are subject to single flat tax rate of 21 percent. The previous tax rates ranged from 15 percent to 35 percent. Read more

Small Business Owners: A SEP IRA May Give You One Last 2017 Tax Savings Opportunity

Lori Newsone, Tax Advisor, Tax Blog, Byron Center, Michigan, USA, TaxConnections

Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may be a great time to establish one. A SEP has high contribution limits and is simple to set up. Best of all, there’s still time to establish a SEP for 2017 and make contributions to it that you can deduct on your 2017 income tax return.

2018 Deadlines For 2017 Read more

Small Business Owners: A Simplified Employee Pension (SEP) May Give You One Last 2017 Tax And Retirement Saving Opportunity

William Rogers, Tax Advisor, Tax Blog, Rancho Santa Fe, California, TaxConnections

Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may be a great time to establish one. A SEP has high contribution limits and is simple to set up. Best of all, there’s still time to establish a SEP for 2017 and make contributions to it that you can deduct on your 2017 income tax return.

2018 Deadlines For 2017 Read more

Small Business Tips: How To Expand Your Business

Jerry Love, Tax Advisor, Abilene, TX, TaxConnections

Congratulations on successfully starting your business! If you’re ready to take the next step, but don’t know exactly how to go about that, here are some ideas for thinking about growing your business. Turn your business into a franchise – If your business model is easily replicated, and you want to see your business grow quickly, think about franchising. As the owner, now referred to as a franchiser, of the name or trademark sells that right to a franchise. Read more

Canada Revenue Agency – Important Dates for 2018

Grant Gilmour, Tax Advisor

Canada Revenue Agency (CRA) has a number of dates and deadlines of importance to corporations. Failure to comply with these deadlines may raise a red flag with CRA, which in turn may trigger an audit.

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Small Business Tax Rule Changes & Risk Assessment Tools for Canadians in 2018

Grant Gilmour, Tax Advisor

The proposed small business tax rule changes are expected to be in place January 1, 2018 and will impact incorporated small businesses in Canada. These laws will hit those splitting income in families and saving assets inside corporations. To help our clients assess their exposure we have developed a Risk Assessment Tool (RAT). We hope you find the name amusing.

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Research Credit Can Offset Payroll Taxes For Small Businesses

William Rogers, Tax Advisor

Does your small business engage in qualified research activities? If so, you may be eligible for a research tax credit that you can use to offset your federal payroll tax bill.

This relatively new privilege allows the research credit to benefit small businesses that may not generate enough taxable income to use the credit to offset their federal income tax bills, such as those that are still in the unprofitable start-up phase where they owe little or no federal income tax.

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Last Chance: Take Advantage Of The Amnesty Program Now!

Monika Miles, Tax Advisor

Are you still considering whether to take advantage of the current amnesty program? Designed as a way for online sellers to become compliant in states they may have created nexus (either intentionally or inadvertently), the voluntary program provides an opportunity for these businesses to come forward if they haven’t been collecting income, franchise, use or sales tax.

How the Amnesty Program Works

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Testimony To Senate Small Business Committee For AICPA

Annette Nellen

On June 14, 2017, I had the privilege to testify on behalf of the AICPA before the Senate Committee on Small Business & Entrepreneurship. The title of the hearing – Tax Reform: Removing Barriers to Small Business Growth. A goal of the hearing was for this committee to help the Senate Finance Committee know that they want to be sure tax reform helps small businesses and that such businesses are not forgotten in efforts to reduce the corporate tax rate. Read more

Owners Should Utilize The Work Opportunity Tax Credit

Ken May

With the utilization rate of less than five percent, business owners are leaving a ton of money unclaimed for this tax credit.

What is the Work Opportunity Tax Credit?

WOTC is a Federal tax credit available to employers who hire and retain veterans and individuals from other target groups with significant barriers to employment.  Read more

Startups Can Now Claim R & D Tax Credit

Startups with qualifying research expenses have for the first time an additional option whereby they can choose to apply up to $250,000 of its research credit against its payroll tax liability. This new option is available to any eligible small business filing its 2016 federal income tax return this tax season.

If, somehow, such a small business failed to choose this option while filing their 2016 Tax return, and still wishes to do so, it can still make the election by filing an amended return by Dec. 31, 2017. This new option was introduced through the PATH Act enacted in 2015.

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