With the explosion of online businesses, one would think that there would be a standard method of deducting the cost of your business website. But some questions still exist as to what part of a website is considered software, and to date, the IRS has not fully clarified that issue for tax purposes. Purchased Websites – If the website is purchased from a contractor who is at … [Read more...] about How Business Website Expenses Are Deducted
Saver’s Credit Can Help You Save for Retirement
Low- and moderate-income workers can take steps to save for retirement and earn a special tax credit. The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to traditional or Roth Individual Retirement Arrangements (IRAs), SIMPLE-IRAs, SEPs, 401(k) plans, 403(b) plans for employees of public schools and certain tax-exempt organizations, 457 … [Read more...] about Saver’s Credit Can Help You Save for Retirement
Credit for Small Employer Health Insurance Premiums
The tax law provides a credit for small business employers who pay the health insurance premiums for their workers. This credit can be as much as 35% (25% for tax-exempt organizations) of the insurance premiums paid by the employer in 2013. Beginning in 2014, the credit percentage increases to 50% (35% for tax-exempt organizations), and claiming the credit is limited to two … [Read more...] about Credit for Small Employer Health Insurance Premiums
Are You Missing a W-2?
Have you received all of your W-2s? These documents are essential for completing individual tax returns. You should receive a Form W-2, Wage and Tax Statement, from all of your employers each year. Employers have until January 31 to provide or send you a 2013 W-2 earnings statement, either electronically or in paper form. If you have not received your W-2, follow these … [Read more...] about Are You Missing a W-2?
February 2014 Business Due Dates
February 10 - Non-Payroll Taxes File Form 945 to report income tax withheld for 2013 on all non-payroll items. This due date applies only if you deposited the tax for the year in full and on time. February 10 - Social Security, Medicare and Withheld Income Tax File Form 941 for the fourth quarter of 2013. This due date applies only if you deposited the tax for the quarter in … [Read more...] about February 2014 Business Due Dates