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News Blog

Year-End Tax Tips for Small Businesses

12/19/2014

1 Comment

 
Posted by bakercounty
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As 2014 comes to a close small business owners across the nation are busily preparing to wrap up annual tax requirements. This year, there are a few new considerations you'll need to be aware of. Here are our top year-end tax tips for small businesses operating in Baker County.
  1. Scrutinize your HRAs: If yours is among the thousands of small businesses that opt for reimbursing employees for purchasing their own individual insurance policies rather than providing group coverage, you may be in for an unpleasant tax surprise. Under prior rules, many employees were exempt from paying taxes on those reimbursements. Now, many of these HRAs (health reimbursement arrangements) violate rules of the Affordable Care Act and can saddle businesses with fines of up to $100 per employee per day - a potentially devastating $36,500 penalty for each worker for the year. Among the possible fixes is paying workers regardless of how they plan to use the money and counting it as taxable compensation.
  2. Move quickly to take advantage of depreciation: Congress recently passed legislation that retroactively renews a variety of temporary tax breaks, including the 50-percent bonus depreciation deductions on qualifying personal business property placed in service during 2014. The new law also allows 50-percent bonus depreciation through 2015 for certain property with longer production periods and certain aircraft.
  3. Study up on repair regulations: If you've spent money on repairs or improvements to your business and its facilities, know that rules involving depreciation have changed. Some expenditures, like repairing a broken window, qualify for immediate full deductions while others must be written off over a period of several years.
Proper preparation of business taxes can be highly complicated, and mistakes can prove costly. If you're a new small business owner or simply not a tax wiz, don't attempt to go it alone. Hire a business tax preparation professional. And to help further develop and improve your business in 2015, take advantage of all the benefits of a Baker County Chamber of Commerce membership.
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Baker County Chamber of Commerce   
20 East Macclenny Ave.
Macclenny, FL 32063
Phone: 904-259-6433
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