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Here it is getting close to the end of the tax year. We all like to save on our taxes. Here are a few tax tips to consider for business and personal taxes as the year comes to a close.
* If you pay more than half of your employees' health insurance, don't miss out on the tax credit available to small companies. If you have 50 or more full-time employees, you will be considered a large employer subject to the Affordable Care Act.
* If your small business owes no income tax for 2014, you can carry your health insurance tax credit back or forward to other years.
* If you are newly self-employed, be aware of the requirement to pay quarterly income and self-employment tax estimates.
* If you qualify to take a tax deduction for a home office, be sure to keep good, detailed records of all expenses.
* A business bad debt is one created as a result of conducting your trade or business. The loss is taken on your business tax return.
* Alimony and property settlement dollars get different tax treatment for both the one paying and the one receiving the money.
* If you qualify, there are several exceptions that keep you from paying a penalty for not having health insurance in 2014.
* If you owe income taxes but can't pay them, file your tax return on time to avoid the penalty for not filing.
* Last but not least; we are approaching the "giving" season. Unless you know for sure who you are giving to, do your research. This is also "scam" season.
For more timely tax tips contact our office at (260) 497-9761 to schedule an appointment with our tax advisors. Utilizing modern technology we are able to assist you virtually anywhere in the USA.
