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Tax preparation service
- By now, you have all of the information you need to file your Palm Beach County small business taxes. Tax preparation this year shouldn’t be too much different from previous years. In fact, if you are pro are doing your small business taxes, this tax year doesn’t bring with it much difference overall.
For many people in Palm Beach County though, confusion and consternation pervades into their psyche when they think of tax time. Sometimes the complexity is too much. We get that. You need to work with professionals that are experienced in tax preparation for small businesses.
So to help you out, here is some information on two important changes to help you get those taxes ready, and to keep Uncle Sam happy.
Tax Extenders
Small businesses rejoice! Two separate tax breaks have been extended for small businesses: Section 179 and bonus depreciation, which can be used together. Here’s the information from an associated website that outlines all of the details:
Jan 1, 2015 – As of midnight, the Section 179 limit has been reduced to $25,000 and no bonus depreciation is available for the 2015 tax year. Stay tuned, if prior years are any indication, the expanded Section 179 limits could be restored by Congress during 2015.
For additional information on Section 179, visit the aforementioned website to find your specific situation and see what tax situation applies to you.
The Affordable Care Act
The ACA brought with it a hardy 2,400 pages of light reading in terms of updated tax code. It also brought potential tax penalties for those who don’t provide benefits to employees. As SBA.gov reports:
Employers with 100 or more full-time (or full-time equivalent) employees that do not offer health insurance to their full-time employees (and dependents)… may be required to pay an assessment if at least one of their full-time employees receives a premium tax credit to purchase coverage in the new individual Marketplace.
That is, businesses with 100 or more employees are required to offer health insurance to 70-percent or more of them, or face a tax penalty of $2000 per each employee not covered.
For some additional reading on the Affordable Care Act, check out the website we mentioned earlier to find out where you fit in and what you’ll need to do as a small business owner.
For additional information on how we can help you complete your small business taxes, please don’t hesitate to contact us any time. We have many years experience in tax preparation
Categories: Taxes Blogs
