Small Business Tax Pitfalls to Avoid

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Tuesday

Mar252014

Tuesday, March 25, 2014

It's that time of year again, when small businesses work furiously to prepare financial reports and tax forms in preparation for filing tax returns. In the rush, even a professional tax preparer can overlook certain deductions and reporting procedures if all the information isn't provided up-front. Small business tax reporting pitfalls generally fall into the category of forgotten credits and deductions, as well as improper form use. The following tips can steer you away from such mistakes.

Employee vs Subcontractor: It’s important to classify who works for you correctly in order to avoid an IRS audit and the potential for a resulting large tax bill due to unpaid Social Security and Medicare. Subcontractors typically work self-directed on a per project basis and are paid using form 1099. Employees, on the other hand, work more consistently under specific instruction and are paid using form W-2.
Health Care Credit: Small businesses who offer employees health coverage can, under ObamaCare, claim a tax credit, which will reduce the total amount of tax payable.
Home Office Deduction: Businesses not operating in an offsite setting can claim office expenses as well as certain travel expenses that are directly related to business. Be careful when claiming this deduction, as the office space in the home must not used for any other purpose other than activities related to the business in order to qualify for this deduction.
Bonus Depreciation Deduction: In the year that new assets are purchased, a business can claim a 50% deduction, on top of the normal asset deductions.
BitCoin Conversion: You may or may not have used BitCoin for online transactions, but if you have, it needs to be converted into dollars and entered with the rest of your business income and expenditures. The government isn't going to charge or refund anyone using BitCoin, so use the national currency.

Financial services like tax preparation and accounting are only as good as the information they receive from their clients. For any small business, tax audit time is stressful and confusing, a fact that can be changed if proper care is taken with the financial records throughout the year. Preparation is key to successful tax filing.

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Tela Kayne |

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