9 Small Business Tax Trends for 2012

Posted by Kevin Jimeno   //   Blog  //  No Comments

Small Businesses are looking to make extra money anyway they can. Saving on taxes in 2012 is the best way an entrepreneur can put money back in to the bottom line of the small business. Here are the tax trends for 2012:

  1. Taxes will remain a political football.
    Taxes will be one of the main issues during next year’s presidential race.

  2. Tax audits are on the rise.
    The IRS is getting real strict and are cracking down with no mercy.
    We advised a client repeatedly who was avoiding paying his payroll taxes to pay them ASAP. After the third time we called him to get him compliant with Uncle Sam, he called me back 3 hours later telling me “the boys ” had just come to pay him a little visit.

  3. Some favorable business tax rules will be extended.
    Some of the key provisions include:
    • 100 percent bonus depreciation and up to $500,000 of first-year expensing (the Section 179 deduction).
    • 100 percent exclusion for gain from the sale of qualified small business stock (stock in certain C corporations held more than five years).
    • Research credit.
    • Work opportunity credit for hiring individuals from certain targeted groups (only certain veteran groups are set to apply after 2011).

  4. State and local governments scrounge for new sources of revenue.
    Have you noticed the police setting up more peed traps in your neighborhood lately? jk…not really
    However there are many states right now looking to even include gambling in their state to increase revenue.

  5. Unemployment taxes will go up for some employers.
    Employers in 20 states will be paying higher federal unemployment (FUTA) taxes. The reason: Their states borrowed from the federal government to pay for unemployment benefits and have not yet repaid the borrowed sums. Yes, Florida is one of them.

  6. Estate planning for business owners remains challenging.
    Expect to see renewed interest in abolishing the estate tax entirely (a platform of some Republican presidential candidates) or at least maintaining the current exemption level.

  7. Filings will be almost exclusively online.
    Starting with the 2012 tax season, paid tax return preparers are required to e-file client returns if they expect to file more than 10 forms in the 1040 series and/or 1041 (the income tax form for trusts and estates). Thus, almost all individuals who use paid preparers will have their returns filed electronically. Yes, We do E-file!

  8. Low interest rates will have an impact.
    Caution: Be sure to have sufficient funds available when it’s time to pay the balance of the taxes due. Failure to pay by the April filing due date triggers both penalties and interest.

  9. The U.S. tax system will continue to become more and more complex.
    These guys in politics are to busy fighting with each other that a simple system is the last thing on their mind.

We are in some challenging times but our job is to help you take on the challenge and keep money in your pocket without breaking Uncle Sam’s rules!

If you want to break his rules then we are not the perfect match, but if saving money by cutting a big percentage of taxes from your bottom line through all the major exemptions and rules that exist out there. Call me now at 305 826-1711 or email me for a tax saving strategy session.

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Accounting Guide & Taxes, Inc.
6135 Northwest 167th Street
Miami, FL 33015, USA
305-826-1711
info@Agtaxes.com

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