Small business tax tips for income tax preparation & income tax planning

CHECK OUT
PREVIOUS BUSINESS TAX ARTICLES

IN THE
BUSINESS TAX TIPS ARCHIVES.

Winter, 2007

Summer, 2006

Winter, 2006
Summer, 2005
Winter, 2005

Summer, 2004
Winter, 2004

Summer, 2003
Winter, 2003

This page last updated on
May 1, 2008

Small Business Income Tax Guide
Business Tax Tips to Use on Your Tax Return

Substantiation Required for Business Expenses
Keep Those Receipts
Good records are required to ensure that a business can document expenditures claimed as tax deductions.
See the Full Article for Details.

Small Business Tax Tips for Spouses in Business
New Rules Simplify Taxes for Mom and Pop Business

Spouses who own and work in their small business are now permitted to use Schedule C's on their personal returns rather than having to file a partnership tax return.
Full Article

Deduct the Full Cost of New Business Equipment
Use the Section 179 Deduction
Businesses that purchased less than $500,000 in qualifying new equipment during 2007 may be able to deduct up to $125,000 of those costs on their 2007 tax returns.
Full Article

Small Business Tax Tips on Loans to Your Business
Follow the Rules to Ensure Best Tax Treatment
When loaning money to your corporation, partnership or LLC, be sure to document the loan with a promissory note and charge the business appropriate interest.

Full Article

Small Business Tax Tips on Business Tax Credits
Credits are More Valuable Than Deductions

Check the multiple business tax credits available to save money on your business tax return.
Full Article

When Buying New Business Assets

Check the Tax Rules
Be aware of the difference between a tax-free exchange and the sale of an old asset and purchase of a new one.
Full Article

Self-Employment Tax for Sole Proprietors

Social Security and Medicare Tax Calculations

Sole Proprietors and general partners must compute their own Social Security and Medicare taxes based on their earned income.
Full Article

Beware of the IRS Hobby Loss Rules
Tax Tips for Small Business Owners
If your business loses money year after year, the IRS may determine it is not really a business an sharply limit your deductions.

Full Article

Small Business Tax Tips on Business Travel
Deductions for Part-Business & Part-Personal Trips

The bulk of expenses for a trip may still be deductible, even if you spend part of the trip on personal activities. Know the rules before you go.
Full Article

Slightly Higher Car Depreciation Limits for 2007
Here are the limits on depreciation for business use of an automobile, effective for any car first used in business on January 1, 2006 or later:

First Tax Year	$3,060
Second Tax Year	$4,900
Third Tax Year	$2,850
Each Succeeding Year	$1,775


	Standard Mileage Rates for 2007 The standard mileage rate for the business use of your vehicle is 48.5 cents per mile for 2007. You can use the standard mileage rate even if you lease your vehicle.


	Increased Section 179 Limit The §179 expense deduction equals $125,000 for 2007. This means you can write off the first $125,000 in equipment purchases you made during the year. You can wait until the last day of your tax year to purchase equipment and still deduct the full $125,000.


	Personal Use of Employer-Provided Car is Taxable Income If you provide your employees with a vehicle for work, and they use it for personal reasons, the value of the personal use must be included in their W-2 salary or wages.


	Social Security Tax Ceiling Raised The first $97,500 of your net self-employment income is subject to self-employment tax in 2007.


	Self-Employed Health Insurance Deduction As a self-employed taxpayer, you may deduct 100 percent of your health insurance premiums as an adjustment to income. If you are a shareholder in an S corporation or a partner in a partnership, health insurance premiums paid on your behalf are included in your income. You are allowed a deduction for the premiums as an adjustment to income.

Small Business Tax Tips
business tax guide
small business tax tips
small business tax guide

[Home] [Site Map] [Contact Us]

Small Business Income Tax Guide Business Tax Tips to Use on Your Tax Return

Small Business Tax Tips business tax guide small business tax tips small business tax guide

Small Business Tax Tips

Small Business Income Tax Guide
Business Tax Tips to Use on Your Tax Return

Small Business Tax Tips
business tax guide
small business tax tips
small business tax guide