Tax season may be far way off – but that doesn’t mean that business owners shouldn’t be preparing already. Saving as much as possible on your taxes is a matter of making the right decisions all year round. You need to invest in the proper form of insurance, for example if you want a big deduction to show for it at the end of the year!
That’s why all small business owners should check out this round-up from Fox Business of the latest changes to tax laws that affect small business owners. These are all things you’re going to want to plan for, well before April 15.
1. The Affordable Care Act
Of course, this particular Act is about to change the way small business owners provide insurance to their employees. The mandate will begin in 2015, and businesses that are following it – if they prepare properly – can get many credits against the money they invest in their employees’ health.
2. Corporate Tax Rates
Tax rates for organizations incorporated as corporations – as opposed to those that are LLCs – may be getting a big break in the near future. Many small businesses would miss out on these breaks, so be sure to think about how your company is incorporated, and do it well before tax deadlines start creeping up.
3. Deduction elimination
Finally, a number of former tax credits business owners have relied on – such as some regarding business equipment, or office furniture – are no longer available. So ensure you read up on what can and can’t be recouped, before you make any more purchases for your business.
Taxes can be boring, yes – but approaching them in the right way can also lead to major deductions and those lead to major savings.