Being an owner of a small business can give you a number of benefits. You have the ability to manage and oversee your business from the comfort of your own home without much hindrance and inconvenience to go through to be able to properly go after your passions and reach your goals.
However, when it comes to tax season, businesses find themselves in the dire need of Business Tax Lawyer. During this time, small business owners start to feel a lot of pressure. These days, new tax laws are passed and it is important that you as a business owner should know what is going on that is why we are going to go through the new tax laws every business should be knowledgeable about.
1.) The PATH Act – We are going to start with what is known as the PATH Act which is short for “Protecting Americans from Tax Hikes”. Last year during the Consolidated Appropriations Act, this act was rolled in and it has gained the nickname “the budget”. Other than small business owners, this act can also benefit individual people as well.
Under the act, the owners are allowed to make deductions to make use of it for improving or repairing a commercial property in which they are staying in. This also allows for employers to hire members from certain groups so as to save.
Purchases that are covered by the PATH Act include physical personal property which includes machines and equipment used by the business itself. Hopes are that this act can help out businesses in times where the economy is struggling.
2.) Healthcare Changes – With recent changes in the PATH Act, we must also look to the ACA or the Affordable Care Act which was launched way back in the year 2010 but can still have an effect on small businesses. This act aims to provide resources which will allow for a change in the insurance market and at the same time provide small businesses with the funds to give their employees health insurance.
It is Business Law that a company or business should be able to provide health insurance to their employees. Failure to do so will result in the company getting penalties.
3.) Due Dates – It has been made a requirement for everyone in America to be able to file returns by April 18. There are considerations for states that have holidays close to that or on that date. As a business, it is important to pay taxes on the right time else having to pay the penalty.
In times where a business is unable to pay tax, an extension may be requested saving the business from harsh penalties.
4.) Local or State Laws – Now when you are studying recent tax laws, you shouldn’t just look to the ones that cover the entire country. The area where you reside may pass certain laws within the state. It is best to consult with a Business Tax Lawyer to be properly briefed and informed of the matter and know what to do.