Five Basic Tax Tips for New Businesses

If you start a business, one key to success is to know about your federal tax obligations. Not only will you probably need to know about income taxes, you may also need to know about payroll taxes as well.

S-Corporations ó Reasonable Compensation

Although the S-Corporation structure is sometimes motivated by a desire to minimize employment taxes, S-Corporations must pay a reasonable wage compensation to a shareholder-employee.

Inherited Assets

When someone gives you cash or other valuable assets, do you owe income tax? No. The same is true if you receive an inheritance. The giver may owe gift tax, and the decedentís estate may owe estate tax, but you, as the recipient, wonít owe income tax.

Affordable Care Act

Starting January 2014, United States citizens and legal residents must obtain minimum essential health care coverage for themselves and their dependents, have an exemption from coverage, or make a payment when filing a 2014 tax return in 2015.

2014 Standard Mileage Rates

The Internal Revenue Service issued the 2014 standard rates used to calculate the deductible costs of operating an automobile for business, medical or moving purposes.