James F. McDonough
Of Counsel
732-568-8360 jmcdonough@sh-law.comFirm Insights
3 Last Minute Tax Tips for Business Owners
Author: James F. McDonough
Date: January 29, 2014
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Tax law requires business owners to file taxes by a certain date, which is coming up quickly. To ensure a successful tax season, owners may want to consider the following last-minute tax tips:
1. Consider green initiatives: State and federal government has made it attractive for business to deploy green initiatives. According to Forbes, business owners in Georgia can take advantage of a Clean Energy Property Tax Credit program, which will hand out $2.5 million a year through 2014. In addition to the tax advantages, green initiatives can save a company money in the long run, which could make these improvements worth making.
2. Claim all deductions: Business owners want to get their tax bills as small as possible, which is why it is important to make sure all deductions are being used, according to CNBC. One deduction owners may not know about is for educational expenses – such as seminars, classes, and convention fees – that improve skills required in present employment. These small, unknown deductions can save business owners a significant amount of money if taken full advantage of.
3. Understand out-of-state tax: Not all businesses only complete sales inside their state. For this reason, taxes may need to be paid on transactions completed out of state. It is important that business owners understand that these taxes don’t need to be paid to their state of residence, as this could create a double tax bill, and cost them a lot of money. The last thing a business owner wants to have happen is paying too much tax, which is why it is important to fully understand out-of-state tax.
- Practices: Tax and Trusts & Estates, Corporate Transactions & Business
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
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