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This page last updated on
June 9, 2003 |
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Small Business Income Tax Guide
Tax Tips to Use on Your Tax Return
-- Winter 2003 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.)
Starting a Retirement Plan for Your Business
The IRS, in a joint effort with the Small Business Administration, has
released a publication titled Choosing a Retirement Solution for Your
Small
Business (Publication 3998). The publication addresses the basics of
retirement planning and includes a user-friendly chart comparing the
benefits of each type of retirement plan. The new publication can be
downloaded from the
IRS
web site.
New
Tax Rules Allow Additional Employee Contributions
to Retirement Plans
In 2002, employees can put up to $11,000 into company retirement plans such as 401(k) plans. Workers who are 50
years of age and older can put an extra $1,000 aside, for a total of
$12,000. Full Article
Business Gifts and
Tax Deduction Rules
You can deduct up to
$25 per recipient per year for business gifts on your tax return, plus incidental costs such
as gift wrapping and engraving. Employee gifts can be either
tax-free or taxable to the employee, depending on the form of the gift.
Full Article
Form 1099
Filing Requirements
Are you required to issue a 1099?
If
you pay an independent contractor $600 or more during the year, you must
file a Form 1099-MISC and deliver a copy to that individual by January
31st of the following year. .There are a number of different 1099s
that you may be required to file as part of your business activity and
failure to file can result in IRS penalties.
Full
Article
Clothing Required for Your Job - Is It
Deductible?
If you are required to wear a uniform that is not
suitable for street wear, it may be a deductible business expense.
Full Article
Are You Closing Your Business?
There are rules governing sale of assets or company stock.
In most cases, the sale of a business is
not the sale of one asset, but several. When sold, these assets must be
classified as capital assets, depreciable property used in the business,
real property used in the business, or property held for sale to
customers, such as inventory or stock in trade. The tax treatment of
the sale of each class of property is different.
Full Article
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Higher Health Insurance Deduction
for Self-Employed
Self-Employed taxpayers who pay for their own health insurance
are allowed a deduction as an adjustment to income of 100% of the
cost of the insurance premiums. The remaining portion of the
health insurance premium can be claimed as an itemized medical
deduction. |
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