So, You Filed an Extension!

Tax extension

April 15th seems to creep up on all of us every year. For some,

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the best financial decision is to file for an extension. Remember, the extension is not indefinite; you only have 6 months, to get your taxes done! Before you know it, summer will be here and the last thing on your agenda is filing your personal or business taxes. Instead of procrastinating any longer, consult with a tax preparer that understands the dynamics of the tax code. There are some in the industry that believe that taxes filed after April 15th are subject to higher rates of audits. Whether this is true or not, accuracy is essential.

Perhaps your business is one (much like accountants) that’s busiest season falls at tax time. Now that the busy season is over, gather together the documents / receipts and get them to an accountant. Few things weigh as heavily on the mind as unfiled taxes. There is a benefit to your extension. You and your accountant

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have the opportunity to double and triple check figures to make sure there are no errors and that you are receiving the highest percentage of write-offs possible.

Speaking of write-offs, here is a quick snapshot of write-offs that may benefit you. The only way to know for sure the you, in particular, are benefitting from write-offs, is to have an experienced tax accountant specializing in small business tax preparation to prepare your taxes.

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Healthcare Tax Credits: With the implementation of the Affordable Care Act, many individuals and businesses are confused by what can be legally deducted. If you are a business owner with 25 or fewer employers, you may be eligible for credits.

Equipment Expenses: At the last moment, the Small Business Jobs Act kept the amount a small business could expense for new equipment (including vehicles) at $500,000 for 2013. It was scheduled to dip down to $139,000. Make sure that all of the new computers, machinery, furniture and other equipment are included in your 2013 tax returns.

Start-Up Costs: The Small Business Jobs Act doubled the amount small businesses can deduct in startup costs to $10,000. If you started a new business in 2013, be sure you take advantage of this deduction!

Investment Exclusion: If you are an angel investor, you can exclude up to 50% of your capital gains received from investing in startups. While it dropped from 100% to 50% for 2013, it is still a worthwhile exclusion that may help your bottom line.

Home Office: If you have a home office that is dedicated solely for your business use, you can deduct a variety of expenses. These include Internet services, rent, insurance, phone, and more.

Continuing Education And Professional Development: You can deduct fees for classes, seminars and books – virtually anything that is considered continuing education. In addition, if you are a networker, you can deduct the fees associated with a variety of professional associations, including the monthly lunches or events.

Veteran Employment: Did you have a veteran employed last year? Did you obtain the proper certification so that you can receive credit? If so, be sure to tell your accountant. If you have veterans in your employment now, be sure to discuss with your accountant the tax benefits for the 2014 year.

The IRS is king of the fine print; make sure that your returns are prepared within the letter of the law. Barry Bandler Accounting & Tax Services can help you navigate through tax preparation after an extension and get you set up for next year’s April 15th. Start planning and preparing now to make sure you are in the best possible situation tax wise for 2014.

One Response

05.22.14

If I withdraw $150,000 from my IRA in New York state,(60 years old), do I have to pay feedarl and state tax?If so, how much would the taxes be on income of approx. $120,000. Thank you

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