Tax Tips Small Business

Reimbursing Your Employees for Business Expenses

What method should you choose?

Attracting and keeping good employees is a goal in any business. One way to make life easier for your employees is to have an easy to use reimbursement plan. Travel, transportation, moving, and educational expenses are common reimbursable expenses. As the employer, you have the option to set up an accountable or nonaccountable reimbursement plan. Under either plan, you can deduct many of the business expenses paid to or for employees. However, the plan you choose can make a big difference to your employees.

Read more...

Small Business Quick Tip

The Social Security wage base increases to $106,800 in 2009 and 2010. This means that you are no longer required to withhold social security tax for employees after meeting this threshold. However, you are required to withhold Medicare taxes regardless of the amount of wages paid.
Q: I have heard that it can be quite expensive to have my taxes done professionally. How much will this cost?

A: Fees can vary depending on the complexity of the tax return. A tax return that involves nothing more than one W-2 will be less expensive than a return that involves income from a rental property. The more work and forms that are required to complete you tax return, the more the charge will be.

 
Wednesday, 08 September 2010
EASEAL_L

What is an Enrolled Agent and why should I care?

Click Here to find out

 

find-us-on-facebook

 

Tax Tips Personal

Tax Break for Reservists Called to Active Duty
Penalty-free withdrawals from retirement plans

If you are a reservist or national guardsman who was ordered or called to active duty for a period in excess of 179 days, you may withdraw money from your qualified retirement plan or IRA without incurring the 10% premature distribution penalty.
Read more...

Personal Quick Tip

Are you planning on making any substantial gifts? Talk to your tax preparer first. Gifts with values exceeding $13,000 must be reported to the IRS.