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Tax
Planning 
Business Income Tax Planning
•Business Income Taxes can be the most cumbersome although also the most rewarding of all income tax planning.
•It is critical to do advanced tax planning and ongoing monitoring with business income taxes in mind to take advantage of all opportunities that exist to reduce overall income tax liability.
•Expensing vehicles over a period of time versus taking the deduction all up front in the year of purchase is a good example of the variety of different choices the business owner has available for tax planning.
•An issue facing many business owners pertains to choosing the correct retirement savings vehicle to offer both the company and it's employees the maximum benefits for that particular business.
•Popular company sponsored retirement programs include Simple IRA plans, 401k plans, and Keogh plans, each with different advantages tailored for various forms of businesses.
Small Business Income Tax Guide Business Tax Tips to Use on Your Tax Return Small Business Tax Tips Regarding Business Vehicles Depreciation Deduction Limits for Cars, Vans and SUV
The first-year depreciation deduction limits for business use of vehicles have changed slightly for 2004. The first-year write-off limit for business use of an automobile can range from $2,960 to $10, 610.
Tax Tips on Claiming the Standard Business Mileage Allowance New Rules Allow Use by Businesses with Multiple Vehicles
IRS rule changes allow use of the simplified 37.5 cents-per-mile standard allowance for up to four vehicles. Previous rules limited the standard allowance to a single business vehicle.
Looking for a New Employee? Hiring Your Spouse Can Save Tax Dollars
Business tax tip -- hiring your spouse can save taxes on medical costs, pension contributions and child care credits. Tax breaks may differ depending on the type of business entity.
Business Tax Tip for Workers on Temporary Assignment The Travel Expenses Can be Deductible
As long as the temporary assignment to a different work location is expected to last and does last one year or less, the travel expenses are tax deductible.
If You Closed Your Business Last Year or This Year Expenses You Continue to Pay May Still be Deductible
If some expenses from a closed business have continued, such as a loan you personally guaranteed, that expense is still deductible, even though the closed business is no longer generating income.
Contributing Property to Your Business There are Rules on Tax Treatment of the Exchange
The tax treatment of property contributions can vary depending on the type of business entity.
Employer Identification Number (EIN) When Does Your Business Need One?
Sole proprietors generally do not need an EIN unless they hire employees, but other business entities (corporation, partnership and LLC) generally will need to obtain one.
New Meal Rates for Day Care Providers Makes Keeping Track of Meal Expenses Easy
The IRS has issued new, standard rates for meal expense deductions for day care providers that greatly simplify the task of tracking the amounts for tax deductions.
Businesses Can Use Debit Cards for Several Employee Benefits
Debit cards are permitted for health reimbursement arrangements and flexible spending accounts.
Starting next year, the IRS will permit employers to use debit cards for employee transportation benefits such as mass transit fares, parking fees and vanpool costs.
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