Author: frank.rosillo

#14 Take advantage of the tax credits available Congress often uses tax credits to encourage certain activities. Regularly check for credits that could apply to your business. ‘Tis the Season to start Tax Planning Call us today to get started.…

#13 Conducting business from home If you conduct business from your home, become familiar with the rules for home office deductions. Accurate records may preserve your deductions. ‘Tis the Season to start Tax Planning Call us today to get started.…

#12 Classify your employees proper Do not subject yourself to tax penalties by misclassifying an employee as an independent contractor. The IRS is aware that employers prefer to treat workers as independent contractors to avoid paying fringe benefits and payroll…

#11 Take a write-off for business equipment Most business equipment is depreciated over five or seven years. However, small business are allowed to expense certain amount of equipment cost in the year of purchase. ‘Tis the Season to start Tax…

#10 Review your employee benefits package Fringe benefits can help increase job satisfaction and performance which results in attracting and retaining employees. There is a wide variety of fringe benefits that employers can choose to offer and some are even…

#9 Keep all business travel, meals, and entertainment expenses records Travel that you do in conjunction with your business is deductible, but business meals and entertainment expenses are generally only partially deductible. ‘Tis the Season to start Tax Planning Call…

#8 Never use the Internal Revenue Service as your banker When cash flow is tight, you may be tempted to pay your suppliers first and payroll taxes to the IRS last. The IRS will take steps to minimize the liability…

#7 Hire your children to work in your business Wages paid will be deductible by your company and taxable to the family member. Your child’s earnings will probably fall in a lower tax bracket than yours. Payroll taxes apply to…

#6 Cash Vs Accrual Consider using the cash method of accounting if you meet the qualifications. Under the cash method, you generally report income to the IRS in the year you receive payment from customers. Under the accrual method, your…

#5 Tax and Asset Protection If your business is incorporated, it is often a good idea for you to separate ownership of the business real estate and lease it to your corporation. There are a number of tax and non-tax…