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Federal Government Offers Tips on Tax Savings

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Amazingly, one of the best sources of tax saving tips at year-end is the Federal Government. That’s right, the very entity that collects taxes through one agency, The Internal Revenue Service, offers suggestions to lower your tax bill legally through another agency, The Small Business Administration.

Tips for Tax Savings

  1. Make sure that you keep correct and organized records. Be sure that you understand any deductions you take and remember that available deductions change each year.
  2. Remember, there are tax credits within the Affordable Care Act. For 2013, a small business is eligible for tax credits for up to 35 percent of health care premiums paid to cover its workers. Next year, the deduction goes to fifty percent.
  3. The Small Business Job Act of 2010 had many sections to help reduce the tax burdens on small businesses. These tax credits include:
    1. Zero taxes on capital gains from key small business investments
    2. Immediately expense capital investments
    3. Tax relief and simplification for cell phone deductions
    4. Limitations on penalties for mistakes in tax filings that affect small business disproportionately
    5. Increase in the amount an entrepreneur can deduct for start-up expensed

Before you take these or any other small-business credits, check with your tax advisor.

Speaking of small business, Maurice Taylor Insurance in Los Angeles, California provides insurance coverage for small businesses for all risks. Call them at (323) 662-9110 to save on all your business insurance needs.

 

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