Now is the time to start thinking about yearend tax planning.
Are your books current?
Will you owe taxes?
Do you need to purchase equipment?
Have you paid in enough estimated taxes?
Now is a good time to do a projection to see where you stand tax wise. What would you owe if taxes were due today? What would you project for the rest of the year? If you have a tax liability, what can you do to minimize it?
Heath Insurance premiums tax credit: There are some restrictions, but if you pay at least half of your employees’ premiums, you may be entitled to a credit on your tax return.
Independent Contractors vs. employees: The IRS is always looking at this. Be sure that your IC’s (subcontractors) are not your employees. See this link: www.irs.gov/pub/irs-pdf/p1779.pdf