2013 ushered in more tax changes than the American taxpayer has seen in a decade. Some were well publicized, while a few might come as a surprise to unwary taxpayers.
For example, did you know that:
- Taxpayers who itemize medical deductions can deduct less of their medical costs for 2013?
- Buying a heavy truck or SUV (even a Mercedes SUV) can result in a big tax break that lets small businesses deduct almost the entire cost of the vehicle from their taxable income?
- Small employers can deduct up to half of the cost of health insurance premiums paid for employees?
- There’s a brand-new flat-rate deduction for home offices, which makes it easier to take the deduction with much less paperwork?
- You can sandwich a vacation between business travel days and still deduct 100% of the transportation costs?
- There are special tax rules for writers, artists, dancers, actors and other performers?
The details on these and other money-saving strategies and changes in the tax code are included in a new white paper from 1-800Accountant called 4th Quarter Tax Strategies for Small Business that explains some of the actions taxpayers can take now to minimize what they pay in April.
Gary Milkwick, CPA and Vice President at leading small business tax and accounting specialist 1-800Accountant, says that the 4th quarter is the perfect time to get serious about short-term tax planning questions because most small businesses and independent contractors have a good idea of whether they will have an average year, or one with unusual profits or losses.
“Knowing where you stand with three-quarters of the year behind you is a real advantage when it comes to making some of the decisions about tax planning, such as whether or not to go ahead and buy new equipment, defer bonuses or payments, or even defer income by delaying client billing,” he explains.
4th Quarter Tax Strategies for Small Businesss is available now for free download on the resource page of the 1-800Accountant website. Click here to download it now.