The new repair and capitalization regulations have been a major topic at this year’s live 1040 seminars.
The IRS has created a handy calendar to help you keep track of due dates for small business taxes.
Click on the image to open the website or visit: http://www.tax.gov/calendar
The Affordable Care Act added a provision to the Health Care Bill designed to help small businesses offer health insurance to their employees. Although a wonderful concept, the design was made by people who had no small business experience and implemented with Regulations from an agency notorious for ignoring small business tax issues.
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Many employees incur personal expenses related to their job and presume that they are allowed to take a tax deduction for these items as an “employee business expense”. The IRS requires that these expenses be ordinary and necessary for your business, but it does not have to be required by your employer. The real issue is that few, if any people have actually ever received the tax benefit they expect because of 3 roadblocks: the 2% of AGI limit; alternative minimum tax; and the itemized deduction phaseout. The Affordable Care Act has added even a 4th roadblock for the deduction-the .9% Medicare surtax.
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