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GET CONNECTED
TAXES
Savvy strategies to help reduce your taxes
Getting Started
If you're planning to launch a business this
year, keep track of all those start-up
expenses. Sole proprietors who file Schedule C
can't deduct start-up costs as business
expenses. But they can amortize them over five
years or more -- meaning you can deduct those
start-up costs in the coming years. What's
deductible as a start-up cost? Expenses
incurred when investigating the creation of
your business. Costs of researching the
acquisition of a business. Advertising your
grand opening. Professional and consulting
fees related to launching your business. And
much more. Save your receipts. Keep accurate
records. The final tally could give you a
hefty write off at tax time.
Hiring Time
Getting ready to hire your first employee?
Then the IRS has some reading material just
for you. Here are three publications you need
to read before you become the boss:
- Publication 15, Circular E, Employer's
Tax Guide
- Publication 15-A, Employer's
Supplemental Tax Guide
- Publication 15-B, Employer's Tax Guide
to Fringe Benefits
You can find the publications at
www.irs.gov. Want more inside scoop about
how hiring will change your business life?
Check out the Success Skills Seminar "Do
You Really Want To Be The Boss?"
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