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Five Tax Write-Offs You Might Not Know About

A slew of new breaks are now available on common expenses for some growing companies.

Entrepreneurs might find tax time a bit less taxing this year and next due to some new write-offs covering a range of common expenses for growing businesses.
Here's a quick look at five breaks aimed at certain businesses that you'll want to know about:


1. New-job creators
A new-hires tax credit can give employers a break on their payroll tax if they hired new workers into new job slots between Feb. 3, and Dec. 31, 2010. These workers can't have replaced people who left. They have to add to your headcount. And they have to have been unemployed for 60 or more days prior to you hiring them.

If your business qualified for this deduction, which amounts to 6.2% of your payroll tax, you should have taken from your quarterly payroll tax estimates during 2010. But if you missed it, it's worth going back and amending those quarterly payments to account for the credit, says Jeff Anderson, a partner who works with entrepreneurs at Padgett Stratemann, an accounting firm based in Austin, Texas.

 
What's more, an additional $1,000 general business tax credit may be available in 2011 if you keep these new employees for 52 weeks or longer. So if you qualified for the first credit, make sure you qualify for the second one as well, says Stan Ginsberg, a partner in New York with the accounting firm Metis Group.
2. Cell-phone users
Mobile phones used to be counted among items the Internal Revenue Service refers to as "listed property," such as laptops or cars that might be purchased for work or provided by an employer but that lend themselves to personal use. Users had to keep track of their business and personal use for these items and write off the former proportionally.
The IRS has removed cell phones from this onerous list, which means that if you provide employees with cell phones or use one for business yourself, "Your business can write it off directly," says Anderson.

Click HERE to read full article

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Savings with Your
VIP Membership Card
Below is a small sample of some of our
VIP Discount Providers

Las Vegas


Ruth's Chris Steak House

One complimentary appetizer with purchase of 2 entrees

Solar Screens & More LLC 

25% Discount to all VIP members

Photography by Tonya Harvey

Free studio sitting

Nevada Chicken Cafe

BUY 1 and get 1 of equal of lesser value for 50% off

Tint N Tunes

20% off for MSC VIP Members

 

Twin Cities


Restaurant Connection Minneapolis

Free Delivery with code (corporate)

Aaron Hall, Attorney

20% of attorney's fees

Handyman Matters Twin Cities

10% on all labor

Kay Stienessen, Financial Advisor, CPA,

$50 off tax return fee and/or a free financial revue (1hr financial consult)

Tieri Chiropractic, LLC

Free Exam, Consultation, and X-Rays (if necessary) or 1-Hour Massage for only $39!

 

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Kennedy's Premium Bar and Grill

Buy 2 Lunch Entrees and Receive a Free Appetizer! Not Valid with any other offers. Valid from 11am-2pm

Holistic Balance Massage Therapy

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Umbrella Pets 

10% off all products!!

Tuffy Auto Service Center

Full service oil change $18.95, 10% off brake service, $20.00 off any flush of fluids

Christel's Posh Pastries LLC 

15% off all orders. FREE DELIVERY to Charlotte, NC and surrounding areas on orders of $50 or more after discount


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Gateway Bank of Florida

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Curves Port Orange

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Java Hair Company

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Wasabi Bowl

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The Clubhouse Restaurant

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Neck Back & Headache Relief Center

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Inlign Automotive Inc. 

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Loafin' Around

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SOCAL


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MainstreetChamber VIP Members will receive a 25% discount on our payroll fees.

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