smart brief - tax for small businesses

8/2/2019 Smart Brief - Tax for Small Businesses

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jump to a page

Whats New for 2012 3

The Art of the Deduction

Preparing for Retirement

Planning Ahead 6

Bringing It All Together

tIp:The Dos and Donts of small btaxes. Read More

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http://www.openforum.com/idea-hub/topics/technology/article/30-reasons-why-old-fashioned-websites-and-email-marketing-are-best-for-growing-businesses-1http://www.openforum.com/idea-hub/topics/technology/article/30-reasons-why-old-fashioned-websites-and-email-marketing-are-best-for-growing-businesses-1http://www.openforum.com/idea-hub/topics/technology/article/30-reasons-why-old-fashioned-websites-and-email-marketing-are-best-for-growing-businesses-1http://www.openforum.com/idea-hub/topics/technology/article/30-reasons-why-old-fashioned-websites-and-email-marketing-are-best-for-growing-businesses-1http://www.openforum.com/articles/taxes-101-the-dos-and-donts-of-managing-financeshttp://www.openforum.com/http://www.openforum.com/articles/taxes-101-the-dos-and-donts-of-managing-financeshttp://www.openforum.com/idea-hub/topics/technology/article/30-reasons-why-old-fashioned-websites-and-email-marketing-are-best-for-growing-businesses-1http://www.openforum.com/


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Section 179 Expense Deduction: For 2011,small businesses can expense up to $500,000of the first $2 million of property boughtfor use in a business. Such property includescomputers, office equipment and vehicles.Generally, Section 179 expenses do notinclude land and investment property. But theSmall Business Jobs Act extends the deduct ionto qualified leasehold improvement property,qualified restaurant property, and qualifiedretail improvement property for 2011.

Bonus Depreciation:Small-business ownerscan deduct the entire cost of property placedin service in 2011, but the property has tobe new, not used. The deduction applies tooffice equipment, computer software and anytangible personal property with a recovery

period of 20 years or fewer. The allowance isan additional deduction you can take after anySection 179 deduction.

FUTA Tax: Small-business owners pay theFederal Unemployment Tax Act tax, whichis used to provide unemployment benefitsto workers who have lost their jobs. The tax

owed is a percentage of the total annual pay pereach employee, limited to $7,000 per employee.The FUTA tax rate was reduced from 6.2%to 6% as of July 1, 2011. Small-business ownersalso can receive a 5.4% credit against FUTA taxif they make payments to a state unemploymentprogram. That credit can give smal l-businessowners an effective FUTA tax rate of 0.6%in 2011.

Startup Costs: Aspiring entrepreneurs candeduct up to $5,000 of startup expensesincurred in 2011. That deduction decreasedfrom $10,000 in 2010.

Small Business Health Insurance Credit:Small-business owners who pay at least halfof their employees health insurance coveragemay qualify for a credit for up to 35% of thepremiums paid. However, determiningwhether your business is eligible can bedifficult. The Internal Revenue Service haspublished an online guide to help small-business owners figure out if they qualif y.

New Gross Receipts Information:The IRSnow has more information on gross receiptsfrom credit card processing companies andbanks. Businesses conducting credit card,debit card or gift card transactions should

be careful that the gross receipts they reportto the IRS tracks closely with the datathe agency has.

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Home Office:Generally, the amount you candeduct depends on the percentage of your homeused for business. Measure your home officeand divide by the square footage of your home.Use that percentage to calculate what portionof home-related costs, such as rent, utilities andinsurance, you can cla im as business expenses.The deduction for certain expenses will belimited if your gross income is less than yourtotal business expenses.

Insurance Premiums: Self-employedentrepreneurs who pay for their own medical,dental and qualifying long-term care insurancepremiums can deduct 100% of the costs as longas the deduction is not more than the businessnet profit. Premiums for liability insuranceand other coverages that are necessary for thebusiness also are deductible. But premiumsfor life insurance policies where you are thebeneficiary or loss-of-earnings and business-interruption insurance are not deductible.

Professional Fees:You can deduct fees youpay professionals for services related to yourbusiness so fees paid to attorneys for legal adviceand to accountants for tax advice are deductible.However, fees paid to professionals when youacquire a business asset are added to the taxbasis of your business and are not deductible.

Auto Expenses:Keep good records of mileage,tolls and parking costs of your business travel.You have to choose between two methods of

deducting auto expenses: You can take thestandard mileage rate, which is calculated bythe IRS roughly every six months, or deductyour actual expenses for auto-related items,which include gas, repairs and insurance.

Travel, Meals, Gifts and Entertainment:As with auto expenses, it is important to keepdetailed records that show travel, meals andentertainment are necessary for your business.To expense travel, you must be away from your

regular place of business substantially longerthan an ordinary days work and show that youneed rest to meet the demands of your workwhile youre away. Travel expenses can includeshipping costs for presentation materials, tollsand parking fees as well as taxi fares. Unliketravel expenses, you can deduct only half thecost of business meals.

Business expenses you cant deduct includemembership dues to athletic, dinner and socialclubs, federal income tax payments, lobbyingexpenses and political contributions.banks.Businesses conducting credit card, debit cardor gift card transactions should be careful that

the gross receipts they report to the IRS tracksclosely with the data the agency has.

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tIp: Explore the Tax Law Changes for 2012 with business expertBarbara Weltman

tIp: Karlee Weinmann gives advice on How to Minimize What You Oweand Maximize Your Return

Poll of

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Wshinn Ninl tx offic.But more than half of small-business ownersmight not have a retirement plan that fitstheir needs, according to a recent surveybyFidelity Investments. The survey found thatsmall-business owners d id not understand thecontribution limits, tax filing requirementsor funding rules of their retirement accounts.Most small-business owners use one of threetypes of retirement accounts, depending onthe size and complexity of their businesses:

A SEP-IRA is primarily used by soleproprietors. Small-business owners cancontribute $49,000 for 2011, or 25% of theirsalary, whichever amount is smaller. In 2012,the contribution limit rises to $50,000. Onlyan employer can contribute to a SEP-IRA.

A Self-Employed 401(k) has the mostgenerous contribution limits among thethree accounts but is only appropriate forbusinesses with no employees other thana spouse. You can contribute up to 25% ofcompensation, up to the annual maximumof $49,000 for 2011 and $50,000 in 2012.

The plan also allows for salar y deferralsup to $16,500 in 2011 and $17,000 in 2012and catch-up contributions up to $5,500 for2011 and 2012 if you are 50 or older.

A SIMPLE IRA is for businesses with 100 orfewer employees. The plan is funded by tax-deductible employer contributions and pretaxemployee contributions. But small-businessowners are required to match each participantscontributions dollar-for-dollar, up to 3% ofcompensation but no more than $11,500 if theinvestor is younger than 50 and $14,000 if theinvestor is 50 or older. A small-business ownercan reduce the employers match to as little as

1% of each participants compensation for anytwo years in a f ive-year period.

All three retirement accounts offer tax-deferred growth potential, the ability to deductemployer contributions as an expense and atax credit of up to $500 for certain expensesincurred while starting and maintaining theplan for the first three years.

When picking the retirement plan that isright for you and your small business, Fidelitysuggests asking yourself three questions: Doyou have or expect to have any common-lawemployees? Do you want your employees tobe able to contribute their own money to theirretirement plan? Whats a higher priority maximizing contributions or keeping planadministration simple?

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selling a business or shifting the timeframeof deferred compensation to take adva ntage ofthe lower tax rates this year. These are thingsthat take planning, says Greg Rosica, a taxpartner at Ernst & Young. You cant flip a switchand accomplish them. Small-business ownersshould take time now to prepare.

The Bush-era tax cuts expire at the end of theyear. Unless Congress passes legislation to extendthe lower rate, the long-term capital gains taxrate will increase to 20% from the current 15%.

This makes it an ideal time for small-businessowners to consider selling a business or shiftingthe timeframe of deferred compensation to takeadvantage of the lower tax rates this year. These

are things that take planning, says Greg Rosica,a tax partner at Ernst & Young. You cant f lipa switch and accomplish them. Small-businessowners should take time now to prepare.

Estate tax rates in 2012 also create a favorableenvironment for small-business owners toconduct succession planning. The Tax Relief,Unemployment Insurance Reauthorization, and

Job Creation Act of 2010 changed the r ulesgoverning federal estate taxes, gift taxes andgeneration-skipping transfer taxes, but thosechanges end this year. For 2012, the federal estatetax exemption will be $5.12 mill ion and the estatetax rate for estates valued over this amount wil lbe 35%. The same rate and limits apply to federa lgift and generation-skipping transfer taxes.

As tax rates are expected to rise in 2013 andbeyond, you should consider converting yourtraditional IRA to a Roth IRA, Rosica says. Witha Roth IRA, you pay ta xes on the contributionsbut withdraw money from the account tax-free.In a traditional IRA, you dont pay taxes on

your contributions, but your withdrawals are taxed.So if you think income tax rates are going torise for your tax bracket, it might make senseto do a Roth conversion. You will have to paytaxes on any money you convert to a Roth IRA.Determining whether this move will save youmoney can be difficult to figure out, Bankrateoffers a Roth conversion calculator to help

you decide whether this move is right for you.Politicians from both parties agree thatcorporate tax rates should be lower, butdebate over the details might be little morethan talk until after the presidential election.

The Obama adminis tration has proposeddropping the top corporate tax rate to 28%from 35%. The Republican presidentialcandidates have proposed lowering corporatetax rates even further.

Its not all rosy in 2012. Some of the tax benefitsenjoyed in 2011 will be reduced this year. For2012, the Section 179 Expense deductions$500,000 and $2 million 2011 limits will fallto $139,000 and $560,000. And small-businessowners will only be able to deduct half the costof property placed in service in 2012 under theBonus Depreciation allowance.

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tIp:Wise Breads Thursday Bram lends insights on How EntreprenuersCan Plan for Retirement

tIp:Katie Morell discusses 5 Ways to Save Money on Your 2012 Taxes

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tIp: Find more tax insights, advice and tips inBusiness Taxes: Decodedon OPEN Forum

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The average small business spends up 255hours and $2.3 million on federal taxcomplaince, according to a 2011 surveydone by the IBM Global Business Services,IRS NHQ Office Research and QuantriaStrategies. In total, small businesses spentan estimated 1.8 billion hours and $16billion to prepare their taxes last year.

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percent of small-business owners indentifiedthe financial cost of tax preparation as the biggest

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But you dont have to go it alone. Many of you

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you rely on a tax pro to handle the heavy lifting,there are also several excellent online forums that

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Check out the IRSs Small Business and Self

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The Small Business Administration

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Tax answers by H&R Blockaddressesmany common tax questions.

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Start 2012 Off Ri ght With 5 Tax-Wise To-Dos

Timely Tax Tips For Small Business Owners

Decoding the New Tax Rules for Merchants

10 Essential Online Resources for PreparingYour Small Business Taxes

Tax Law Changes For 2012: What You NeedTo Know
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