Is It Our Business

What a difference a few days can make to the trajectory of a transition. At the end of last week, I was prepared to give our new President an “A” for outstanding efforts to create positive momentum. Now I’m thinking he deserves a B-minus at best. Why the shift? In a word, taxes. Specifically the lack of payment thereof by the President’s cabinet nominees.

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Cash In On Federal Spending

By now we’ve all heard one of the newest American complaints — all this stimulus and bailout money, but where’s mine?

Like many individuals, most businesses won’t get much government help.

But many savvy companies will find ways to make sure they benefit from the massive increase anyway.

Here are three examples of some of the opportunities and how to capture them:

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House Suggests Bigger Tax Break For Start-ups

Just a few days after President Obama announced a stimulus plan for small businesses, more breaks might be in the works.

Rep. Frank Kratovil of Maryland, a Democrat, and Rep. Chris Lee of New York, a Republican, proposed amending IRS code to allow new businesses to write off more of their operating costs.

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A Look at Small Business Tax Breaks in the Stimulus Bill

We have heard that Small Business get a tax break as part of the stimulus bill but what are they? Here we list the changes.

Qualified property expense ceiling raised

The Section 179 tax break that allows companies to expense qualified assets in the first year of service has been increased from $133,000 to $250,000 in the first year that qualifying assets are placed in service.

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BBB Explains Stimulus Package Benefits for Small-Business Owners

With President Obama signing into law the American Recovery and Reinvestment Act on February 17, many small-business owners are eagerly anticipating the benefits of the $787 billion economic stimulus plan. Better Business Bureau of Eastern North Carolina (www.bbb.org) is offering a summary of several small-business benefits.

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2009: Keep more cash!

By Justin Martin

(Fortune Small Business) -- When your accountant prepares your business tax, you may feel a bit like Bill Murray's character in Groundhog Day, only this time forced to relive the indignities of 2008 again and again. Yes, last year was a bummer for many American entrepreneurs. But like Murray's cynical weatherman, you have an opportunity to improve upon the past.

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No small differences over Obama’s treatment of small business

Posted by: Richard Cowan

U.S. budgets can really bring out the passion in people. So much so that it’s no wonder it’s hard for anyone to agree on how Washington should tax and spend.

When it was released on Thursday, the budget President Barack Obama unveiled sparked a war of words all over the capital. The disagreements were so profound, it’s almost as if people were looking at two entirely different documents.

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New Tax Tips for Businesses

In these lean times, there's one move that's always smart--preserve your cash by making sure your business gets every tax deduction possible. It's not always easy to keep track of all the deductions you might qualify for because our tax code keeps changing.

Recently, the IRS released a list of 11 important changes that affect business tax returns for 2008. A few key changes:

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Small Business Taxes: Should You File Form 2553 By March 15?

This article is for small business owners who currently run their business as a C corporation or limited liability company (LLC). If you fall into either of those categories, read on to find out why filing Form 2553 by March 15 could be the best thing you do this year. Form 2553 is called "Election by a Small Business Corporation", and it is the form you must file with the IRS if you want to be taxed as an S corporation.

If you've been thinking about making the switch to S corporation status, now is the time to make a decision. Both C corporations and LLC's can avoid two notorious tax traps by becoming an S corporation. C corporations can avoid the dreaded double taxation of corporate profits because S corporation profits are only taxed once. And LLC owners who are currently being taxed as sole proprietorships or partnerships can reduce self-employment tax by paying themselves reasonable compensation as an employee of the S corporation.

The rules for filing Form 2553 on time are a bit tricky, so let's review them. If your C corporation or LLC was already in existence at the beginning of the year, the general rule is this: you must file Form 2553 by March 15, 2009 in order to be recognized as an S corporation as of January 1, 2009. If you file Form 2553 after March 15, 2009, you may have to wait until 2010 to receive S corporation status. One important note about the March 15 due date: since March 15, 2009 is a Sunday, you actually have until the next business day (Monday March 16) to file the form. If you form a C corporation or LLC anytime after January 1, you have 75 days from the incorporation date to file Form 2553 in order to be recognized as an S corporation as of the incorporation date.

Example: You incorporate on March 1, 2009. You must file Form 2553 within 75 days of March 1, 2009 in order to receive S corporation status effective March 1, 2009. Like any tax rule, there are exceptions to the general rule. So if you miss these filing dates of March 15 or 75 days from incorporation date, consult with a tax professional to determine whether you qualify for relief from the general rule. Also be sure to determine whether you qualify for S corporation status. Here are a few of those requirements:

1) The corporation cannot have more than 100 shareholders.

2) All shareholders must consent to becoming an S corporation, and demonstrate that consent by signing Form 2553.

3) Only domestic corporations can apply.

4) Each shareholder must be a U.S. citizen or a U.S. resident.

Source:http://www.articlesbase.com/finance-articles/small-business-taxes-should-you-file-form-2553-by-march-15-809615.html

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