Year End Tax Tips For Businesses

Tax TipsYear end is upon us and it is not too late to review the tax tips for businesses to maximize tax savings for 2015.

  • Filing Changes: Partnership tax returns will be due on March 15, not April 15; C Corporations will be due on April 15, not March 15; S Corporation tax returns will continue to be due on March 15.
  • Code Sec. 179 expensing as a key component of year-end tax planning. Sec. 179 property is generally defined as new or used depreciable tangible property purchased for use in a trade or business. Software was also recently included, as was qualified leasehold improvement property, qualified restaurant property and qualified retail improvement property. (Congress has not renewed the enhancements to Sec. 179 expensing for 2015, but they likely will be renewed.)
  • Work Opportunity Tax CreditIf your business is considering expanding payrolls before 2015 ends, take a look at the Work Opportunity Tax Credit (WOTC).  (Although the WOTC, under current law, expired after 2014, Congress is expected to renew the WOTC for 2015 and possibly for 2016).Generally, the WOTC rewards employers that hire individuals from certain groups, including veterans, families receiving certain government benefits, and individuals who receive supplemental Social Security Income or long-term family assistance. The credit is generally equal to 40 percent of the qualified worker’s first-year wages up to $6,000 ($3,000 for summer youths and $12,000, $14,000, or $24,000 for certain qualified veterans). For long-term family-aid recipients, the credit is equal to 40 percent of the first $10,000 in qualified first-year wages and half of the first $10,000 of qualified second-year wages.

You can review the entire article provided by the National Society of Accountants at Year End Tax Tips For Businesses by NSA

 

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