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This page last updated on
August 8, 2004 |
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Small Business Income Tax Guide
Business Tax Tips to Use on Your Tax Return
-- Summer 2004 Archive Articles
(NOTE: The tax information in the
following articles was current as of the date on the page. Tax law
may have changed since these articles were posted.)
Small Business Tax Tips Regarding Business Vehicles
Depreciation Deduction Limits for Cars, Vans and SU
The first-year depreciation deduction limits for business
use of vehicles have changed slightly for 2004. The first-year
write-off limit for business use of an automobile can range from $2,960 to
$10, 610.
See the Full Article for
details.
Tax Tips on Claiming the Standard Business Mileage
Allowance
New Rules Allow Use by Businesses with Multiple
Vehicles
IRS rule changes allow use of the simplified 37.5 cents-per-mile
standard allowance for up to four vehicles. Previous rules limited
the standard allowance to a single business vehicle.
Full Article
Looking for a New Employee?
Hiring Your Spouse Can Save Tax Dollars
Business tax tip -- hiring your spouse can save taxes on medical
costs, pension contributions and child care credits. Tax breaks may
differ depending on the type of business entity.
Full Article
Business Tax Tip for
Workers on Temporary Assignment
The Travel Expenses Can be Deductible
As long as the temporary assignment to
a different work location is expected to last and does last one year or
less, the travel expenses are tax deductible.
Full Article
If You Closed Your Business
Last Year or This Year
Expenses You Continue to Pay May Still be Deductible
If some expenses from a closed
business have continued, such as a loan you personally guaranteed, that
expense is still deductible, even though the closed business is no longer
generating income.
Full Article
Contributing Property to Your Business
There are Rules on Tax Treatment of the Exchange
The tax treatment of property contributions
can vary depending on the type of business entity.
Full Article
Employer Identification Number (EIN)
When Does Your Business Need One?
Sole proprietors generally do not need an
EIN unless they hire employees, but other business entities (corporation,
partnership and LLC) generally will need to obtain one.
Full Article
New Meal Rates for Day
Care Providers
Makes Keeping Track of Meal Expenses Easy
The IRS
has issued new, standard rates for meal expense deductions for day care
providers that greatly simplify the task of tracking the amounts for tax
deductions.
Full Article
Businesses Can Use Debit Cards for Several Employee Benefits
Debit cards are permitted for health
reimbursement arrangements and flexible spending accounts.
Starting next year, the IRS will permit employers to use
debit cards for employee transportation benefits such as mass transit
fares, parking fees and vanpool costs.
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Standard Mileage Rates for 2004
For 2004, the standard mileage rate for the cost of operating
your car, van, pickup, or panel truck increases from 36 cents a mile
to 37˝ cents a mile for all business miles. |
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Self-Employment Tax Limits for 2004
The self-employment tax rate on
net earnings remains the same for 2004. This 15.3% rate is the total
of 12.4% for social security (old-age, survivors, and disability
insurance) and 2.9% for Medicare (hospital insurance). The maximum
amount subject to the social security portion for tax years
beginning in 2004 increases to $87,900. All net earnings of at least
$400 are subject to Medicare. |
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