Taxes

10 Tax Deductions Small Business Owners Can’t Afford to Overlook
The more legitimate tax deductions your business takes, the lower its taxable income — and that can translate into greater tax savings. The Texas Society of Certified Public Accountants highlights 10 deductions that may help you offset some of the higher costs of running your business.

Tax Deductions for Business Meals and Entertainment Expenses
Taking current and prospective clients and customers out to dinner, the theatre, or a baseball game can make good business sense – and provide you with a valuable tax deduction. According to the Texas Society of Certified Public Accountants, there are two separate tests you must meet to deduct 50 percent of the cost of business meals and entertainment expenses

Deducting Your Business Related Car Expenses
Operating a car for business can be expensive, so the Texas Society of Certified Public Accountants says it’s important to take advantage of available tax breaks.

Mid-Year Tax Savings Checklist For Small Business Owners
Many small business owners make the mistake of not thinking about taxes until it’s time to file their returns. But tax planning is an ongoing process, and the Texas Society of Certified Public Accountants says now is an opportune time to take some steps that can lower your 2007 tax bill.

Beginner’s Guide to Self Employment Taxes
Being your own boss may mean saying good-bye to office politics and long commutes, but you will not escape paying taxes. Self-employment taxes, which are similar to the FICA (Federal Insurance Contributions Act) taxes that wage earners pay, provide funds for Social Security benefits (old-age, survivors, and disability insurance) and Medicare benefits (hospital insurance).  The Texas Society of Certified Public Accountants offers the following overview of self-employment taxes so you can better understand your tax liability.

 Keep More of What You Earn
Running a successful small business takes time, talent and a little tax-know how. This tax checklist from the Texas Society of Certified Public Accountants can prevent you from overlooking deductions and assist you in managing the tax liability for your small business.

Expensing Deduction is Boon for Small Business Owners
Small business owners who purchased business equipment or other capital assets that were put into service in 2007 may qualify for a large tax deduction. According to the Texas Society of Certified Public Accountants, this is the result of Uncle Sam extending tax rules that have significantly increased the small-business expensing limit