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Five Tax Tips for Small Business Owners
Before the New Year
“Small business owners should always be looking for
opportunities to reduce tax liability and save money. Consider
taking advantage of potentially valuable tax incentives before we
officially close the books on 2014.”
Martin Mucci, Paychex president and CEO
#5 #4 #3 #2 #1
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FIVE TAX TIPS FOR SMALL BUSINESS OWNERS BEFORE THE NEW YEAR
Deduction for Working from Home
#5
WHY IT MATTERS
If you run your business out of your home, you may qualify for a home office deduction. Last year, the IRS introduced a streamlined option which reduced many of the recordkeeping requirements for this tax credit.
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FIVE TAX TIPS FOR SMALL BUSINESS OWNERS BEFORE THE NEW YEAR
Start A New 401(k) Plan
#4
WHY IT MATTERS
Small businesses that start a new 401(k) plan can claim a federal tax credit for the first three years of the plan to offset plan startup costs.
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FIVE TAX TIPS FOR SMALL BUSINESS OWNERS BEFORE THE NEW YEAR
Energy Investment Tax Credits
#3
WHY IT MATTERS
If a small business installs a qualifying energy system before December 31, 2014, they may qualify for business energy tax credits.
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FIVE TAX TIPS FOR SMALL BUSINESS OWNERS BEFORE THE NEW YEAR
Business-FriendlyTax Extenders
#2
WHY IT MATTERS
Even though several of the small business-friendly ‘tax extenders’ (such as the work opportunity tax credit) have been eliminated or scaled back, the possibility exists that these may be reinstated by Congress, perhaps retroactively, so it’s worth monitoring.
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FIVE TAX TIPS FOR SMALL BUSINESS OWNERS BEFORE THE NEW YEAR
Health CareTax Credit
#1
WHY IT MATTERS
Part of the Affordable Care Act, this provision enables qualifying small businesses to get a tax credit for health premiums paid on behalf of employees.
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http://www.paychex.com/articles
For more helpful tips to advance the long-term success of your business, visit:
The information contained within is not tax or legal advice. These issues are complex and applicability depends on individual circumstances. Businesses should consult tax or legal
counsel before taking action on any of the items identified above.