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Local entrepreneur gets a boost from Small Business Development Center

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On an average day, Trina Worrell Benjamin handles invoices, returns calls and emails, directs a team of nearly a dozen employees and manages a client roster that has included big names like Rite Aid and Toys“R”Us. She admits her first steps into entrepreneurship were not easy. But with the help of…

Local entrepreneur gets a boost from Small Business Development Center

  • SBDC: Temple University SBDC
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Year-End Tax Planning and Resources for Small Businesses

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As the 2015 tax-filing season begins, the Pennsylvania Small Business Development Centers (SBDC) want to make sure business owners know about the available resources for year-end tax planning. The sooner business owners get started, the sooner they can take advantage of more opportunities and options. Here are some basic planning ideas that one can use now to improve their tax picture for the year.

  • Meet with your tax advisor - Tax advisors are ready now to share year-end planning strategies with you, so it is important to make an appointment today.
  • Actions for cash method businesses - If you report your income and expenses using this method of accounting, you have some flexibility in timing income and deductions near the end of the year, such as deferring income and accelerating expenses.
  • Actions for accrual method businesses - If you report your income and expenses on the accrual method, there are special options for you to consider, such as declaring year-end bonuses for employees and authorizing charitable contributions.
  • Be mindful of basis - If you own an S corporation that had a bad year, the deduction for your share of losses is limited to the extent you have basis in your stock and loans you’ve made to the business. You can take a one-hour webinar from the IRS about S corporation basis on November 18 at 2 pm ET (11 am PT) here.  
  • Settle up projected taxes - Review your tax payments to date and the year-end strategies you use or plan to use so you can adjust the final installment of estimated taxes for 2015.
  • For more information on these planning strategies, visit here.

Additional Resources:

The IRS launched a new series of online videos called “Small Business Taxes: The Virtual Workshop” which is comprised of nine lessons to help small business owners with a wide array of topics. The topics include what you need to know about federal taxes and your new business, information on Schedule C and other small business taxes and tax forms; and how to file and pay your taxes.  To view the lessons, click here.

Go to the Small Business and Self-Employed Tax Center and use the A-Z index to find whatever you need.  Another great way to get tax information is to use IRS Social Media. You can also subscribe to IRS Tax Tips or any of their e-news subscriptions.

Other important tax information on the Affordable Care Act for employers and a current list of Tax Scams/Consumer Alerts are also available on the IRS website.

For more information on business taxes, please visit the Pennsylvania SBDC’s tax resource page at http://pasbdc.org/resources/taxes.