Small Business News: Tax Update!

Tax time is just around the corner. Here is some breaking news and some tax tips and tricks designed to make tax preparation for your small business a bit less complicated this year. Enjoy!

Breaking News

Unpopular 1099 ammendment repealed. An amendment tied to the healthcare reform law that would have complicated reporting requirements, especially for small businesses, has been repealed by a U.S. Senate vote Wednesday. The effort to eliminate the amendment, which has been strongly criticized by business groups, enjoyed bi-partisan support with both Democrats and Republicans pledging to eliminate the troublesome amendment. Accounting Today

Why the IRS could be giving you money. You may never have expected to see the day when the Internal Revenue Service might be handing you a check (other than a tax return), but it looks like the time has come. Payments to whistle blowers who report non-compliance should create a new incentive. Learn more about how you could earn extra money from the IRS for helping to recover funds. Open Forum

Tips & Tricks

How to file your small business taxes. A question and answer session with a new small business owner about how to file your small business taxes. If you’re new to small business and most especially to filing a small business tax return, you will definitely want to check out this article to get you started. Are you new to filling out small business tax returns? What questions do you have about the process? Boston.com

Your refund could be bigger this year. Check out the details of the Small Business Jobs Act passed last September and how they will effect your small business tax return. It’s really important to research changes in the tax laws and how they impact your small business today. How will changes in the tax law affect your tax return this year? U.S. News & World Report

How to claim your health care tax credit. Not all small business owners need to be crest fallen about the controversial new health care reform legislation. In fact, new 2010 legislation may entitle some small business owners who already provide health care insurance for their employees to tax credits under the right circumstances. To learn more about whether your small business may qualify for the tax credit, check out the IRS Website for more details.  Red, White and Blue Press

Policy

Permenant breaks for small business? Could the White House be considering the extension of certain small business tax breaks indefinitely. Specifically, the administration’s proposal looks at permanently eliminating capital gains taxes on some small businesses. What do you think of this proposal and how would it affect your small business? Accounting Today

Critics say small biz tax cuts not enough. Opponents of a new White House policy aimed at extending small business tax cuts argue they just don’t go far enough. Certainly lower taxes have always been helpful to businesses of all kinds. What is your take? What tax concessions are necessary to encourage business growth and job creation. The Hill

Startup America indeed! The White House (and others) are beating the drum for an initiative aimed at targeting and boosting high growth startups. But does the initiative effectively leave out huge swaths of America’s small business community. Worse yet, does it screen out the very kinds of small high growth startups it should be targeting the most. Huffington Post

Other Issues

Your small business bartering primer. You probably don’t need to be told that bartering with other small businesses for goods and services you and they need can often be a huge benefit for all involved. The trouble comes at tax time when explaining such non-monetary exchanges can be hard to explain and could even result in an audit. Here’s how to navigate through the bartering issues without mishaps at tax time and avoid being audited in the process. Open Forum

Home business tax suggestions. Home business entrepreneurs can be confused when starting out about what exactly is tax deductible in their new venture. But the fact is that some simply rules of thumb exist when evaluating expenses to determine whether or not they entitle you to a deduction come tax time. If you want to learn more about what constitutes an acceptable home business deduction there are a few key questions to ask. How many of your home business expenses are deductible on your taxes this year? The New Business Idea

From Small Business Trends

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