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Five Tax Tips for Small Business Owners Before the New Year

5 Tax Tips For Small Business Owners Before the New Year

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Page 1: 5 Tax Tips For Small Business Owners Before the New Year

Five Tax Tips for Small Business Owners

Before the New Year

Page 2: 5 Tax Tips For Small Business Owners Before the New Year

“Small business owners should always be looking for

opportunities to reduce tax liability and save money. Consider

taking advantage of potentially valuable tax incentives before we

officially close the books on 2014.”

Martin Mucci, Paychex president and CEO

#5 #4 #3 #2 #1

Page 3: 5 Tax Tips For Small Business Owners Before the New Year

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FIVE TAX TIPS FOR SMALL BUSINESS OWNERS BEFORE THE NEW YEAR

Deduction for Working from Home

#5

WHY IT MATTERS

If you run your business out of your home, you may qualify for a home office deduction. Last year, the IRS introduced a streamlined option which reduced many of the recordkeeping requirements for this tax credit.

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Page 4: 5 Tax Tips For Small Business Owners Before the New Year

http://bit.ly/5-tax-tips

FIVE TAX TIPS FOR SMALL BUSINESS OWNERS BEFORE THE NEW YEAR

Start A New 401(k) Plan

#4

WHY IT MATTERS

Small businesses that start a new 401(k) plan can claim a federal tax credit for the first three years of the plan to offset plan startup costs.

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Page 5: 5 Tax Tips For Small Business Owners Before the New Year

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FIVE TAX TIPS FOR SMALL BUSINESS OWNERS BEFORE THE NEW YEAR

Energy Investment Tax Credits

#3

WHY IT MATTERS

If a small business installs a qualifying energy system before December 31, 2014, they may qualify for business energy tax credits.

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Page 6: 5 Tax Tips For Small Business Owners Before the New Year

http://bit.ly/5-tax-tips

FIVE TAX TIPS FOR SMALL BUSINESS OWNERS BEFORE THE NEW YEAR

Business-FriendlyTax Extenders

#2

WHY IT MATTERS

Even though several of the small business-friendly ‘tax extenders’ (such as the work opportunity tax credit) have been eliminated or scaled back, the possibility exists that these may be reinstated by Congress, perhaps retroactively, so it’s worth monitoring.

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Page 7: 5 Tax Tips For Small Business Owners Before the New Year

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FIVE TAX TIPS FOR SMALL BUSINESS OWNERS BEFORE THE NEW YEAR

Health CareTax Credit

#1

WHY IT MATTERS

Part of the Affordable Care Act, this provision enables qualifying small businesses to get a tax credit for health premiums paid on behalf of employees.

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Page 8: 5 Tax Tips For Small Business Owners Before the New Year

http://www.paychex.com/articles

For more helpful tips to advance the long-term success of your business, visit:

The information contained within is not tax or legal advice. These issues are complex and applicability depends on individual circumstances. Businesses should consult tax or legal

counsel before taking action on any of the items identified above.