Tax challenges for business owners seem to grow every year as more complex requirements keep popping up. It can seem like juggling after a while, and it’s why you should always have advisors to help you through the storm. As we begin 2016, and you pay your 2015 business taxes, what issues might you face this year?
Some challenges are fairly new, while others have been around and only became more complicated. Let’s take a look at a few of the most pressing issues and ways you can keep your business successful.
Data Requirements for the ACA
The Affordable Care Act is a fact of business life now, and you’ll have to adhere to some new rules that just took effect. If you’re a small business, it could prove difficult since you’re now required to insure employees if you have up to 99 of them as of this last year.
On top of that, you have more data to keep track of related to your employees. All data goes toward calculating the cost of their insurance. However, keeping track of this info is likely going to cost your business some extra time and money.
Remember, you could get a penalty of up to $2,000 per employee if you don’t comply.
Small businesses continue battling high state taxes in many parts of the country. The top ten worst states range from Connecticut to California, with the latter being the highest at 81.8%.
Corporate income tax is just as expensive in some states, though six states (Nevada, Ohio, South Dakota, Texas, Washington, and Wyoming) don’t have this tax.
Oregon is currently #1 in the best local sales tax rate. This also encompasses gross receipts and excise tax.
These tax issues above aren’t the only challenges awaiting if you also include the problem of tax extenders. Despite Congress passing tax extender legislation this last December, it’s always done a little late in the year. As a small business, this only complicates your tax planning related to deductions.
As you face these tax battles, it’s time to keep your financial or insurance company running efficiently with good marketing content.
Contact us to find out more about our services and how we can help.