Interested in understanding the tax implications for your small business? Perhaps this entity chart can help you compare the differences between a sole proprietorship, a limited liability corporation (LLC), S-Corporation, or C-Corporation.
75 Items You May be Able to Deduct on Your Tax Return(Article by Entrepreneur Magazine)As both a professional tax preparer and tax payer, I am always interested in finding ways to take advantage of legitimate tax deductions and credits. As the article explains, "One way to save money each year is to find legitimate tax write-offs that intersect both personal and business expenses." This article has a pretty comprehensive list worth checking out. It's also complete with links to relevant tax guidance. Step in 2 My Office and I will work to make sure we take advantage of every possible deduction!
How to Pay Less in Taxes (Part 1) You should never do anything illegal to avoid paying taxes. But there’s nothing wrong with making sure that you don’t overpay. Even the Internal Revenue Service (IRS) encourages taxpayers not to pay more in taxes than the law requires. Learn the difference between a tax credit and a tax deduction. Plus, check out Money Girl's 5 common tax credits that could work for you during 2014!
How to Pay Less in Taxes (Part 2) In this article, Money Girl Offers 4 Strategies to Pay Less in Taxes...and trust me, they work! 1) Adjust Your Withholding 2) Contribute to a Retirement Account 3) Contribute to a Health Spending Account 4) Hire a Professional (like us!) Check out the second part of this Money Girl episode to learn how to pay less in taxes and keep more of your hard earned money during the year. Or even better, Step In 2 My Office, and I can get you the answers you seek!
Tax Strategies for Parents of Kids with Special Needs
If you have a child with a severe learning disability, you may qualify for valuable tax benefits. If your child has AD/HD, or other physical, mental, or emotional impairment, you may also qualify for tax benefits. Because tax laws are complex, and many tax preparers often do not have occasion to use these unique tax benefits, families are at risk of losing refunds worth many thousands of dollars. The IRS allows taxpayers to file amended returns, and collect refunds for unclaimed tax benefits, retroactively up to three years. Check out this article for insight: http://www.tacanow.org/family-resources/tax-strategies-for-parents-of-kids-with-special-needs/
Home School Equity Act for Tax Relief of 2013 - Amends the Internal Revenue Code to: (1) extend through 2013 the tax deduction for expenses of elementary and secondary school teachers, and (2) expand the definition of "school" for purposes of such tax deduction to include a home school which provides elementary or secondary education if such school is treated as a home school or private school under state law. (Source: http://beta.congress.gov/bill/113th-congress/house-bill/1850)
But it doesn't look like it's seen much movement since being introduced. Perhaps there will be movement in 2014?