Tax Tips for 2013: Are You Prepared? | The Business Finance Store

The federal government seems to be working overtime to prepare small businesses for the upcoming tax year. You should get prepared too. Taking time to see where you stand halfway through the year is a good way to eliminate surprises that could cost you big money. In fact you could save money now by preparing for next year?s taxes.

Cell phones expense rules
It will be even easier to claim your business cell phones as an expense. No more annoying phone log rules. So call anyone you want on any phone you want!

Tip: Feel free to add more phones to your corporate phone plan (new iPhones are coming soon). Be sure that the accounting department understands the changes in record keeping, whether they?re dealing with employees who use their own phones at work or if you provide employees with phones.

Bonus depreciation deduction
Now you can deduct 50% of certain depreciated?property that was used after December 31, 2011 and before January 1, 2013. This break comes after a 100% deduction that went into effect in 2012. No need to wait years and years to depreciate property.

Tip: Now is the time to write off the cost of new property and put that money towards other expenses. The IRS provides a handy booklet on the subject. It covers everything from car deductions, record keeping and depreciation methods.

Health care help
The hotly debated Affordable Care Act?passed, but its effects on small businesses were not as bad as they could have been because it was rolled out slowly. This means the self-employed can deduct 100% of their health costs and?small businesses with less than 50 employees can get tax credits for up to 35% of employee premium costs. That credit will increase to 50% in 2014.

Tip: If you?ve been holding back on getting health insurance for employees (or yourself if you?re self-employed), the health care act makes getting insurance a lot less expensive. If you have 50 or less employees, you don?t have to provide health insurance.

Consult a tax professional to get more details on how the IRS rules will affect your specific situation. It?s hard to keep up with tax changes year after year, but with the right consultant, 2013 will offer plenty of ways to lower tax bill.

Source: https://www.businessfinancestore.com/2012/08/21/tax-tips-for-2013-are-you-prepared/

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