Top Tax Breaks For Small Businesses

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Top Tax Breaks For Small Businesses
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• Did you know that the federal government offers
  varied tax breaks for small businesses tax
  breaks that could do more than just help your
  small business to keep afloat, but help it to
  become more successful and thrive, too.
• Some of these tax breaks may be yesterdays news
  to most small business owners, but some may be
  new and have been added or enhanced under the
  Small Business Jobs Act that was made into a law
  back in 2010.
• While the government may class small businesses
  as those that make sales of 7 million to 25
  million a year, and employ up to a thousand
  staff, there are still tax breaks that can be
  applied to companies much smaller in size.

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• Section 179 writing off expenses
• Section 179 of the Small Business Jobs Act of
  2010, permits you to claim some business expenses
  in the year that they were made, instead of their
  costs being depreciated over the course of
  several tax years, and allows up to 500,000 in
  business expenses to be completely written off
  under Section 179 for 2010 and 2011.
• This enables some small businesses to write off
  all their purchases for assets and equipment in
  the year that they buy them. Not only that, but
  the 50 bonus depreciation provision was
  extended, giving even more help to small
  businesses.

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• Making health care savings
• The taxable income of those who are
  self-employed, can be reduced heavily by the
  ability to deduct the whole cost of health
  insurance premiums, but medical insurance costs
  can now be subtracted from a self-employed income
  by completing a form called Schedule SE.
• This is the form commonly used by self-employed
  tax payers to add up their FICA or Federal
  Insurance Contributions Act, which are the taxes
  that contribute to Social Security and Medicare.
  This can all add up to a saving of around 15 on
  the premiums.

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• Saving money on cell phone bills
• As all small business owners will know, the cell
  phone is a vital piece of equipment that most
  companies couldnt go without, but up until
  recently, they have been a nuisance with respect
  to taxes and administration. Nowadays however,
  the Small Business Act has de-listed cell phones
  and other types of equipment used for
  communicative purposes, and therefor removed the
  need to keep up to date and accurate records of
  which calls were made for business purposes, and
  which were personal.

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• Lowering your tax bill with these classic tax
  breaks for small businesses
• Dont forget that any expenses related to the use
  of an auto for business purposes, are open to
  deductions. This includes standard mileage rates,
  costs for repairs to your auto and even parking
  and toll fees.
• Travelling out of town for reasons related to
  your business, counts too, and even the cost of
  meals taken during business meetings can be
  deducted according to the rules.

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• Working from home, provided that is your primary
  work space, can be claimed as a deduction as
  well.
• Charges from banks, ATMs and credit cards used
  while performing business transactions to a
  business account, are also deductible.
• Monthly, bi-monthly and annual memberships of
  organisations relevant to your business may be
  deductible.
• Any classes or training courses that you
  undertake to improve your skills or knowledge in
  the filed in which you practice your business,
  are equally as deductible.

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• While it may seem that some of these tax breaks
  are small and the effort to record and report
  them appears to outweigh the benefits, this is
  not the case. Once you are in the habit of
  recording your business activities more
  stringently, you will soon get in the habit of
  doing so, and any amount that you can claim back
  in taxes, is a bonus for your business.
• At Heyer Associates we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax services in Miami. If
  you are looking for bookkeeping services in
  Miami, FL Heyer Associates would be a right
  option.