Small Business

2010 HIRE Act – Small Business Health Care Tax Credit, Payroll Tax Incentive and Business Credit For Employers Hiring and Retaining Unemployed Workers

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[Updated with New IRS provisions] The IRS has released more details on tax-saving opportunities included in recently enacted HIRE act federal legislation (see details in previous update below). A variety of business tax deductions and credits were created, extended and expanded by the American Recovery and Reinvestment Act of 2009 (ARRA), this year’s Hiring Incentives [...]

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2012 SEP IRA Contribution Limits and Eligibility Rules

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[Updated for 2012 limits]  A year or so after starting my small business and completing my first annual tax return my accountant advised that I start looking into a retirement account/plan for my business in order to lower my overall tax bill and also effectively set aside some of my business profits towards retirement. After [...]

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Claiming the Small Business Health Care Tax Credit plus Employer Fines, 2010 Tax Credits and Employee Subsidies

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[Update Dec 2010] The IRS has released final guidance for small employers eligible to claim the new small business health care tax credit for the 2010 tax year.  The IRS have also provide a one-page form and instructions  for small employers to use for claiming the credit for the 2010 tax year. New Form 8941, [...]

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Five Factors to Consider Before Buying into a Franchise Opportunity

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A slumping economy and the prospect of prolonged unemployment has led many workers to consider going to business themselves and because of the perceived safety, brand name and established support structures, franchising is often a popular option. In fact rather than use their redundancy payouts to pay off a chunk of the mortgage and other [...]

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Setting up My Small Business Home Office

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I recently incorporated my first company. It has one employee – me – and its only asset is this blog. But it was a great feeling to officially become a small business owner, thereby joining 15 million other Americans. The reason for incorporation was primarily driven by the taxation benefits as I detailed below, but [...]

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2010 Small Business Jobs Bill – Tax Breaks, Credits, SBA Loans, and Bonus Depreciation

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[Update Sep 2010] Following on from President Obama’s plans to help small business, Congress and the President have approved the Small Business Jobs Bill ( H.R. 5297) to cut taxes, provide more SBA funding and ease credit for small businesses (details below). The legislation would create a $30 billion lending program and provide small businesses with $12 billion in [...]

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