Speed Up Your 1099 Process
In 2012, 1099 reports were altered. The paperwork level grew as did the penalties for non-compliance with new laws and regulations. A good solution is to use Track1099 which allows a user to log in and gather their 1099s file with the IRS. Track1099 is cloud-based so you don’t have to worry about lost files, and you can file on any device and from any location.
Understand Your Business’ Nexus
File taxes in all states where you’ve set up your business nexus. With many states in budgetary trouble, they need additional tax revenue. Many have changed their nexus laws from locationally-based to a framework where a nexus is considered to be set up wherever revenue is earned. This includes e-commerce sales.
Healthcare Tax Exemptions
If you run a small business that has at least 25 full-time employees, pays an average salary less than $50,000 annually, and pays at least half of employee health insurance premiums, then your business will be able to receive a maximum healthcare tax credit of 35 percent and 25 percent for tax-exempt businesses.
Veterans Save Non-Profits (money)
For non-profit entities that employ veterans who begin employment on or after November 22, 2012, but prior to January 1, 2013 there is a tax credit eligibility of up to $6,240 per employee. The credit claimed is shown on a separate form as a credit against the NPOs stake of social security tax for all workers.