5 Tax Filing Strategies for Small Business Owners

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5 Tax Filing Strategies for Small Business Owners
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Claim the Health Care Tax Credit
Mostly all the individual and small business
owners are eligible to claim the health care tax
credit. However, you may once talk with your
accountant regarding this. It will provide you a
good number of savings. However, this benefit
applies to the employers who have less than 25
full-time employees, pay less than 50000 every
year and at least pay half of the premium of the
health insurance of the employees.
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Deduct Certain Property
It is commonly known as section 179 property. A
value of 500000 is eligible to be included as
the deduction amount. However, when you start
using the property, only in that year you are
eligible to deduct the full amount. Thus, it is
applied to those who have recently shifted the
business or acquired new properties for it. The
property can be any house, or it can be any
vehicle also as a small business accountant Los
Angeles.
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Deduct Charitable Contributions
Donation for the social and charitable causes are
exempt from tax. Thus, if you made any kind of
charitable donation, you can claim the deduction
for that. However, you must keep the receipts of
these donations. If the donation amount will be
too big, the IRS official may want to verify the
originality of these donations. However, the
contribution can be in the form of volunteer
expenses and stocks.
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Claim the Work Opportunity Tax Credit
Several ways are there in which you can save
taxes. One such way is to claim the work
opportunity tax credit. If you hire veterans,
disabled people, and other disenfranchised
groups, then you are eligible to claim these
taxes. The amount may vary, but it can be 40 of
the first 6000 that you pay to the individual
from the mentioned groups. You can talk with a
small business accountant Los Angeles regarding
the claims.
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Claim the Pension Plans Startup Cost Credit
Another credit that you can claim is the Pension
Plans Startup Cost Credit. If you are a startup
and started a pension plan for your employees,
then you can apply for this credit. However, the
amount is limited to 500 only. Nonetheless, it
will recover your initial investment for sure.
Thus, you have seen in this presentation some of
the credits that you can claim while filing the
tax return.
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