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SmartBrief on Main Street Tax Guide 2010

April 11, 2012

Published April 5, 2012 — Tax Guide 2012 It's everyone's least favorite time of year — tax time — and for small-business owners that frequently means filling out two returns and navigating even more tax-code complexities. Lucky for you, SmartBrief is here to help with this special report containing this year's best articles and blog posts on taxes for startups. We hope you find the report valuable and share it with your team and fellow small-business owners.


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And if you're looking for more information on handling your business' taxes, American Express OPEN has a white paper available for you to download for free: What Every Small Business Owner Needs To Know For Tax Season will help you learn how to navigate changes in tax legislation, leverage often overlooked deductions and strategize for the coming years.


Tax Tips

The tax benefit of posting a net loss
New and small-business owners often post a net operating loss, but a loss can "be one of your best friends" at tax time, says Mark Kohler, author and CPA. The key is to carefully track expenses to maximize the tax deduction. Entrepreneur online (3/14)

Could telecommuting affect your company's tax liability?
Telecommuting can provide benefits in terms of morale and productivity, but a court case reveals that it could also create some unexpected tax liabilities. A court has ruled that a Maryland-based company called Telebright has to pay taxes in New Jersey because one of its workers telecommutes from the state. CBS MoneyWatch (3/27)

4 tax breaks small-business owners should know about
With the deadline to file taxes fast approaching, there's still time to make sure you're claiming all of the tax breaks for which you are eligible. Your company might qualify for the new-hire retention credit, the small-business health care tax credit or the research and development credit, writes Gwen Moran. Entrepreneur online (3/22)

Making sense of the 1099-K tax form
Small-business owners subject to filing 1099-K forms need to understand the rules that cover the form, writes Bonnie Lee, owner of Taxpertise in Sonoma, Calif. Starting this year, all businesses need to separate sales from the 1099-K, used for debit and credit transactions, from payments received in cash or check. Fox Business Small Business Center (3/23)

The tax advantages of offering fringe benefits
Tax breaks are available for many fringe benefits, including health insurance, writes Bonnie Lee. "The premiums owners pay on behalf of employees are tax free to them and a deduction for the business," she notes. Companies can also deduct the cost of benefits such as life insurance and commuting benefits, she writes. Fox Business Small Business Center (3/13)
For more information about tax times for small business — please visit http://www.smartbrief.com/servlet/wireless?issueid=A8ADAF08-6EFA-4DF2-A116-379DCAEED0C9&sid=043c86ad-1b2d-4666-9336-a3f3998817fb