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Six Surprising Tax Code Changes For Small Businesses

[ 0 ] Oct. 17, 2013 | SBO Editor

It is hard for the small business owner to keep up with the ever-changing tax codes. You can download a document that will help you understand six new changes. 1800Accountant has just published a new white paper titled 4th Quarter Tax Strategies for Small Business. The free document outlines critical changes in the tax code, and includes practical tips on ways that small business owners can keep more of what they earned during 2013 by taking action now to maximize deductions.

“The time is now to take action on some key tax planning strategies that can help small business owners and self-employed individuals save big when tax returns are due on April 15. With three-quarters of the year behind you, chances are you have a good idea of how your profit (or loss) will look at the end of the year,” says Gary Milkwick, CPA and Vice President at 1800Accountant.

2013 was a year of big changes in the tax code — and some of the provisions may come as a surprise to taxpayers.  Did you know that:

  1. Taxpayers who itemize medical deductions can deduct less of their medical costs for 2013?
  2. Buying a heavy truck or SUV (even a Mercedes SUV) can result in a big tax break that lets small businesses deduct almost the entire cost of the vehicle from their taxable income?
  3. Small employers can deduct up to half of the cost of health insurance premiums paid for employees?
  4. There’s a brand-new flat-rate deduction for home offices, which makes it easier to take the deduction with much less paperwork?
  5. You can sandwich a vacation between business travel days and still deduct 100% of the transportation costs?
  6. There are special tax rules for writers, artists, dancers, actors and other performers?

1800Accountant has published a new white paper that summarizes some of the key changes in the tax code and asks key questions that can help you keep more of the money you earn.

The white paper includes practical topics such as:

  • 4th Quarter Tax Calendar
  • Small Business Questions
    • Can the Affordable Care Act (Obamacare) Cut Your Tax Bill?
    • Can Your Business Save Big with Section 179 Depreciation?
    • Can You Claim Bonus Depreciation for Qualified Assets?
    • Can You Save More by Writing Other Assets Off More Quickly?
  • Self-Employed & Independent Contractor Questions
    • Are You Tracking Eligible Tax Deductions?
    • Are You Overlooking These 5 Tax Deductions?
    • Are You Depreciating Eligible Purchases?
    • Are You Tracking Deductible Business Travel Costs?
    • Are You Helped by a New Flat-Rate Home Office Deduction?

Click to download 4th Quarter Tax Strategies for Small Business.

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Category: Features