Facing a still-difficult economy and a flurry of tax changes, business owners must be especially alert to new tax pitfalls and opportunities. To help our small business readers, Business.com collected top tips from leading small business tax experts coast-to-coast. What Works for Business will run a new tip daily for 10 business days.

Business Owner Tax Tip #5: Take advantage of depressed asset values, recommends Vincent Paolucci, a tax partner with Grassi & Co. in Jericho, NY. “In light of the current economy, which has driven down market values of businesses, entrepreneurs should consider transferring stock in their companies to family members as part of their total estate plan.”

Check back tomorrow for the next expert Tax Tip in our series.  For the latest small business tax solutions and advice, including tax services, accounting software, accounting firms and CPAs, visit the Accounting channel at Business.com.

0 Comments

Facing a still-difficult economy and a flurry of tax changes, business owners must be especially alert to new tax pitfalls and opportunities. To help our small business readers, Business.com collected top tips from leading small business tax experts coast-to-coast. What Works for Business will run a new tip daily for 10 business days.

Small Business Tax Tip #4: Beware of out-of-state surprises, offers Joel Rothenberg, CPA, a tax partner at Boston-based DiCicco Gulman and Co. “Small business owners should review their state filing requirements for income tax, personal property or sales and use tax. State tax authorities are being super aggressive in enforcing their laws and business owners must know the rules in their home state and also determine if their activities in other states trigger a filing requirement.”

Check back tomorrow for the next expert Tax Tip in our series.  For the latest small business tax solutions and advice, including tax services, accounting software, accounting firms and CPAs, visit the Accounting channel at Business.com.

0 Comments

Facing a still-difficult economy and a flurry of tax changes, business owners must be especially alert to new tax pitfalls and opportunities. To help our small business readers, Business.com collected top tips from leading small business tax experts coast-to-coast. What Works for Business will run a new tip daily for 10 business days.

Business Owner Tax Tip #3: Depreciation is your friend: Claude Titche III, a CPA with Beene, Garter in Grand Rapids, MI, offers this tip: “Be sure to maximize depreciation deductions available by using the Section 179 immediate deduction of fixed assets and the 50 percent bonus depreciation for purchasing new assets. Quicker depreciation expenses save tax dollars. Remember that you only get to deduct the cost once. A current deduction is better than a deferred deduction.”

Check back tomorrow for the next expert Tax Tip in our series.  For the latest small business tax solutions and advice, including tax services, accounting software, accounting firms and CPAs, visit the Accounting channel at Business.com.

0 Comments

Facing a still-difficult economy and a flurry of tax changes, business owners must be especially alert to new tax pitfalls and opportunities. To help our small business readers, Business.com collected top tips from leading small business tax experts coast-to-coast. What Works for Business will run a new tip daily for 10 business days.

Small Business Tax Tip #2: “Do the opposite of what we’ve told you before,” says Christopher Axene, a CPA with Rea & Associates in Dublin, OH. “This year, think about accelerating income and deferring expenses. That is the opposite of everything accountants have typically preached for many years. But this may be the time to look at IRS-approved ways of minimizing taxes through different accounting methods.”

Check back tomorrow for the next expert Tax Tip in our series.  For the latest small business tax solutions and advice, including tax services, accounting software, accounting firms and CPAs, visit the Accounting channel at Business.com.

0 Comments