We’ve talked a lot about can’t-miss tax deductions for the self-employed but I wanted to highlight one that can lead to major savings. That’s right, this is potentially the secret weapon for small business tax deductions.
Archive for Small Business
The American Institute of Certified Public Accountants (hereinafter “AICPA”) has requested the Department of the Treasury and the Internal Revenue Service (hereinafter the “Service”) to issue some form of immediate administrative authority governing the enhanced R&D Tax Credit Program (hereinafter “RTCP”) in connection to qualifying Small Businesses and qualifying Start-Up Companies to accurately calculate the R&D Tax Credit from a quantitative perspective effective for tax years beginning on or after January 1, 2016.
I recently received a mailing from an American automobile company regarding the Section 179 deduction. The letter expressed some urgency to purchase a vehicle before the end of the year to get a large Section 179 deduction. While this is true, the letter left me with the impression that I needed to take action before December 31, 2016, or the deduction would be lost. What they stated was true. However, it is what was left unstated that concerns me.
MileIQ is excited to speak with Denton Farley, CEO of Fly Consulting. His company helps small businesses manage their tech. See how he uses tech to manage his own thriving company and how MileIQ makes the process of tracking miles that much easier.
A Practical Guide To The Enhanced R&D Tax Credit Program For Eligible Small Businesses And Eligible Start-Ups
The Federal-Level Research and Development Tax Credit Program (hereinafter “RTCP” or “RTC”) was originally enacted into the Internal Revenue Code (hereinafter “the Code”) through the Economic Recovery Tax Act of 1981 as a temporary provision of the Code at a time when research and development jobs were significantly declining throughout the United States. Notably, the RTCP was introduced into the Code to encourage businesses to invest in significant research and development efforts with the high expectations that such an advantageous tax incentive program would facilitate in stimulating economic growth and investment throughout the United States and prevent further jobs from being outsourced to other countries.
In previous blogs, we attempted to dismantle the most common objections owners make to undertaking the planning necessary to exit their companies successfully. Those excuses to avoid exit planning are:
Many tax professionals like the ability to transfer their home into their office, since it allows for greater flexibility of time. There are also tax benefits when somebody sets apart a place in their home to create a home office. This post from MileIQ www.mileiq.com/taxpros) gives us the tax benefits and requirements for establishing a home office in order to apply for the tax deduction on business miles from the IRS.
One of the largest issues small business owners face is keeping track of their expenses. Not only does this make keeping the books difficult, it could potentially have major tax implications. In this post, we’ll dive into some of the key things to be aware of when it comes to small business expense management and tracking.
Previously, we attempted to take the air out of the most common argument owners make for ignoring the planning necessary to successfully exit their companies: They believe that their businesses aren’t worth enough to meet their financial needs. “When it is,” they claim, “that’s when I’ll think about leaving.”
What is the net worth of your business? One way that you, your investors or creditors can tell is by looking at your balance sheet. This financial statement offers a snapshot of the health of your business. It shows your assets versus liabilities and equity. If you’re not sure how to document these financials, read on to learn how to create a balance sheet.
Like every owner, you will one day exit your business—voluntarily or involuntarily. On that day you will want to attain certain business and personal objectives: the first (and usually prerequisite to all others) is financial security.