Tax Incentives for Small Businesses

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In Indian River county most of our businesses have less than 100 employees. they are the lifeblood of our beautiful county, they keep people employed and even help start more small businesses.

Being a small business owner is hard enough throughout the year but tax time brings its own special challenges.  DiSalvo and company is here to help with your end of year planning and to get you ready for next year as well as planning best for your business for the coming year.

With so many different changes put into effect in 2015, taxes can be extremely confusing to the Average Joe.  Now compound that with all of the incentives for small businesses and you have a recipe for disaster without adequate guidance.

According to Accounting Today, small businesses have these updated tax incentives to consider during their preparation time this season.

“New permanent incentives for businesses: The Protecting Americans from Tax Hikes (PATH) Act, enacted in December 2015, made a number of tax incentives permanent. For businesses, these include:

  • The reduced five year recognition period for S corp built-in gains tax;
  • 15-year straight-line cost recovery for qualified leasehold improvements, restaurant property and retail improvements; and,
  • Charitable deductions for the contribution of food inventory.
  • Write-offs for equipment purchases. Two important deduction options apply to purchases of equipment and machinery:
  • Write-offs for leasehold, restaurant, and retail improvements.
  • Charitable contributions. Corporations can deduct their contributions up to 10 percent of taxable income. Contributions by pass-through entities are claimed by owners on their personal returns, subject to their adjusted gross income limits.”

Before you get bogged down in all of the other end of the year business, take a moment to book your appointment for early next year. The earlier you start your tax prep, the sooner we can get things prepared for you. It also helps us advise you on what things we can help you implement for next year.

Pete DiSalvo, CPA

Vero Beach Certified Public Accountant

CPA – DiSalvo Logo

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