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Small Business

March 2014 Business Due Dates

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March 17 -  S-Corporation Election File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2013. If Form 2553 is filed late, S treatment will begin with calendar year 2015. March 17 -  Electing Large Partnerships Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner’s Share of Income … [Read more...] about March 2014 Business Due Dates

5 Ways to Accelerate Your Receivables in QuickBooks

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Increasing your income is good. But even if you can’t, you can still take steps to collect the money you’re already owed faster. Here are five. If you asked five small business owners to name the top three roadblocks they face in their quest for ongoing profitability, it’s likely that all five would point to slow payments. It’s everyone’s problem. Accounts receivable requires … [Read more...] about 5 Ways to Accelerate Your Receivables in QuickBooks

How Business Website Expenses Are Deducted

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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

Credit for Small Employer Health Insurance Premiums

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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

February 2014 Business Due Dates

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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