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Tax Strategies for Small Businesses
Tax strategies for small businesses and individuals with a holistic approach to protecting your business and your wealth. www.bbcpa.com/blog
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5 Tax Preparation Tips Every Entrepreneur Should Know

5 Tax Preparation Tips Every Entrepreneur Should Know | Tax Strategies for Small Businesses | Scoop.it

While you’re juggling startup tasks, you’ll also want to think about how taxes will impact your business. 

Bond Beebe Accountants & Advisors's insight:

Issues like independent contractors vs. employees and payroll are complicated areas that require significant attention and nuance.  

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New Market-Based Income Tax Poses Challenges

New Market-Based Income Tax Poses Challenges | Tax Strategies for Small Businesses | Scoop.it
States are changing the way they calculate business income taxes, with some adopting a market-based approach.
Bond Beebe Accountants & Advisors's insight:

There is a rapid shift in this area - it is becoming inceasingly important to pay attention to the location of your business's customers, as well as the state rules in effect in those locations.

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Deducting Travel And Entertainment Expenses

Deducting Travel And Entertainment Expenses | Tax Strategies for Small Businesses | Scoop.it
Think you can just “write off/deduct" all your business travel and entertainment expenses? Well, the answer is you can, but here's what you should know.
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IRS Tax Audits of Individuals Hit Lowest Rate Since 2005

The Internal Revenue Service audited 0.96 percent of individual tax returns in fiscal 2013, declining for the second straight year and reaching the lowest rate since 2005.
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North Carolina Adopts Sales Tax for Service Contracts Effective January 1, 2014

North Carolina Adopts Sales Tax for Service Contracts Effective January 1, 2014 | Tax Strategies for Small Businesses | Scoop.it

In July of 2013, North Carolina adopted N.C. Gen. Stat. § 105-164.4(a)(11), which imposes the 4.75% general State and applicable local and transit rates of sales and use tax “to the sales price of a service contract” sold by a retailer on or after January 1, 2014 and sourced to this State.

Bond Beebe Accountants & Advisors's insight:

Heads up for companies doing business in North Carolina

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5 Biggest Cyber Threats to Watch for in 2014

5 Biggest Cyber Threats to Watch for in 2014 | Tax Strategies for Small Businesses | Scoop.it
Think your Web security systems are up to snuff? Think again. This year may bring a whole new slew of threats, and your business had better be ready.

Via John Merchant, CPA
Bond Beebe Accountants & Advisors's insight:

While this is not tax news per se, its important information for every small business!

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John Merchant, CPA's curator insight, January 6, 7:56 AM

Mobile malware will be a growing issue in 2014 as many (if not most!) employees utilize mobile devices.  As is often the case, a Bring-Your-Own-Device policy will leave you more vulnerable to these threats.

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Regulatory Changes Every Small Business Needs to Know About in the New Year

he New Year is already shaping up to be an active one, full of sweeping changes that are sure to have an impact on the country’s small businesses. Paychex, Inc., a leading provider of payroll, human resource, insurance, and benefits outsourcing solutions for small- to medium-sized businesses, has identified the top 10 regulatory issues business owners need to be aware of in 2014. 

Bond Beebe Accountants & Advisors's insight:

The IRS continues to increase scrutiny in several areas, such as independent contractors, and the taxation of tips and service charges.

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5 Year-End Tax Tips to Get You Ready for 2014

5 Year-End Tax Tips to Get You Ready for 2014 | Tax Strategies for Small Businesses | Scoop.it
Taking some time now to get your finances and taxes in order can bring substantial savings come tax season.
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IRS Announces 2014 Standard Mileage Rates

IRS Announces 2014 Standard Mileage Rates | Tax Strategies for Small Businesses | Scoop.it

The IRS announced the 2014 optional standard mileage rates this week. They are as follows:

Bond Beebe Accountants & Advisors's insight:

56 cents per mile for business mileage23.5 cents per mile for medical or moving mileage14 cents per mile for charitable service mileage

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3 Business Tax Moves to Make Now

3 Business Tax Moves to Make Now | Tax Strategies for Small Businesses | Scoop.it
Some big-dollar tax deductions that affect businesses are set to expire in 2013, so now s the time to make sure your company considers taking advantage of them for the current tax year.
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2013 Net Investment Income Tax for Individuals, Trusts and Estates

2013 Net Investment Income Tax for Individuals, Trusts and Estates | Tax Strategies for Small Businesses | Scoop.it

Taxpayers should note one other tax change for 2013: the 3.8% tax on net investment income. Specifically, this is a 3.8% tax on the lesser of a taxpayer’s net investment income for the year or the excess of his/her modified adjusted gross income (AGI) at the following thresholds:
 

Over $250,000 for taxpayers filing a joint return;$125,000 for married taxpayers filing separate returns;$200,000 for all other taxpayers.

Bond Beebe Accountants & Advisors's insight:

There are many intricacies with the net investment income tax, particularly as it applies to pass-through entities (what is passive versus what is trade or business income). Consult with your tax advisor about your specific tax situation.  

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IRS to fast-track small business audits

IRS to fast-track small business audits | Tax Strategies for Small Businesses | Scoop.it
IRS rule change will allow small businesses to save time and money during appeal process.
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Why You Should Keep Business and Personal Expenses Separate

Why You Should Keep Business and Personal Expenses Separate | Tax Strategies for Small Businesses | Scoop.it
Mixing business expenses with your personal life can get messy fast.
Bond Beebe Accountants & Advisors's insight:

Look out for these IRS audit traps when claiming your expenses.

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7 Crippling Mistakes With Form 1099 That Cost Big

7 Crippling Mistakes With Form 1099 That Cost Big | Tax Strategies for Small Businesses | Scoop.it

It’s Form 1099 season, and companies big and small are churning them out. If you’re in business–even as a sole proprietor–you need to pay attention to issuing them or face penalties. The burden on businesses seems to grow each year. Even cost basis is now required on some Forms 1099.

 
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7 Tips To Prevent Fraud On Your Business Credit Card.

7 Tips To Prevent Fraud On Your Business Credit Card. | Tax Strategies for Small Businesses | Scoop.it

"When it comes to running a business Online or at a Brick and Mortar, having a great credit card to use is the very life blood of keeping yourself afloat, until the huge sales start to come in."


Via Acuitytec, John Merchant, CPA
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Filing Your Taxes Early? IRS Will Not Process Returns Before Opening Day

Filing Your Taxes Early? IRS Will Not Process Returns Before Opening Day | Tax Strategies for Small Businesses | Scoop.it
Can you file your taxes now and get your refund early? No, according to IRS. Tax season is just around the corner... and not a day before.
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IRS: 13 Things Every Taxpayer Should Know About Identity Theft - Taxes

Use these tips to avoid becoming the victim of identity theft and learn how to report tax scam e-mails, websites and letters.

Via John Merchant, CPA
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John Merchant, CPA's curator insight, December 5, 2013 8:16 AM

Remember, the IRS does not initiate cnotact with taxpayers via e-mail.

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Five Key Deadlines to Help Small Businesses Avoid IRS Headaches | TheSelfEmployed.com

Five Key Deadlines to Help Small Businesses Avoid IRS Headaches | TheSelfEmployed.com | Tax Strategies for Small Businesses | Scoop.it
If you oversee your company’s filing requirements, knowing what is due and when, can save you and your employees, penalties, time and stress
Bond Beebe Accountants & Advisors's insight:

Don't forget - Forms W-2 and 1099 need to be submitted by the end of this month!

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2013 Year-End Tax Planning: Power of Attorney Radio Show

2013 Year-End Tax Planning: Power of Attorney Radio Show | Tax Strategies for Small Businesses | Scoop.it
There are a number of changes this year that will make 2013 year-end tax planning more complicated.
Bond Beebe Accountants & Advisors's insight:

For a number of reasons, year-end retirement planning will be critical for successful tax planning this year.  Talk to your CPA about your particular financial situation.

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7 Signs Your Business Needed a CPA 6 Months Ago

7 Signs Your Business Needed a CPA 6 Months Ago | Tax Strategies for Small Businesses | Scoop.it

When first starting a business, many entrepreneurs handle their small business’ finances themselves. They create the budget...

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Top Ten W-2 and Form 1099 Reporting Myths

Top Ten W-2 and Form 1099 Reporting Myths | Tax Strategies for Small Businesses | Scoop.it

Make sure you are compliant with W-2 and 1099 reporting requirements.

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Getting Active: Active vs. Passive Income and the NIIT

Getting Active: Active vs. Passive Income and the NIIT | Tax Strategies for Small Businesses | Scoop.it

In our previous post, we outlined the basics for those individuals who are subject to the 3.8% Net Investment Income Tax (NIIT) for 2013. In summary, portfolio and passive income are two categories of income subject to the NIIT. It would then seem intuitive that to avoid this additional surtax of 3.8% on net investment income, you would simply need to have income derived from a business, since income derived from a business is neither passive nor portfolio. Unfortunately, there is a key phrase in the Internal Revenue Code which states that income must be earned in an “active” trade or business in order not to be subject to the additional surtax.

Bond Beebe Accountants & Advisors's insight:

There is a seven point test you can use to determine whether your income is active or passive.  You must at leaset meet one of the criteria for active income.  Talk to your accountant about how to plan for the new net investment income tax for your personal and business taxes.  

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Busted! 7 Biggest Legal Mistakes You Can Make

Busted! 7 Biggest Legal Mistakes You Can Make | Tax Strategies for Small Businesses | Scoop.it
It's easy for a small business to make a big mistake that gets it busted. Watch out for these common mistakes, and learn how to avoid them.

Via Sandra Brevett-Dib
Bond Beebe Accountants & Advisors's insight:

The independent contractor vs. employee issue is always a tricky topic. - be sure to review the guildelines and work with your accountant to correctly classify freelancers vs. employees for tax purposes.

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IRS Plans to Step up Audits of Small Business Partnerships

IRS Plans to Step up Audits of Small Business Partnerships | Tax Strategies for Small Businesses | Scoop.it
The head of the Internal Revenue Service s small business unit said his division expects to move from focusing on audits of small corporations to partnerships.
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IRS Needs Help to Improve Small-Business Audits, Official Says

IRS Needs Help to Improve Small-Business Audits, Official Says | Tax Strategies for Small Businesses | Scoop.it
The IRS admits it needs help in auditing small businesses but it is sharpening its focus on partnerships.
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