This is it! We’re now just days away from the March 15th corporate filing deadline. I’ve been warning you weekly and giving you tips about your 2015 corporate taxes. For those of you who didn’t listen, this newsletter is specifically for you and everyone else can just store this info for next year! Here are some of the things you should know when it comes to your corporate taxes:
- IMPORTANT DEDUCTIONS – If you bought new equipment, computers or software for your business make sure to write it off. The annual limit was set back on January 1, 2015 to $500,000.
- MOVING IN 2015?- If you moved because of your business to a new location in 2015, you can write off some of it. Certain requirements apply, like your new business must be 50 miles farther from your prior location.
- OVERSEAS INCOME – Income you make abroad is taxable, so don’t forget to have your accountant report it. In fact, the IRS reminds everyone to report worldwide income on their U.S. tax return.
- S CORPORATIONS – If you own an eligible domestic corporation you can avoid double taxation to both shareholders and the corporation by changing your corporation’s status to an S corporation. An S corporation can classify some income as salary and some as a distribution. Electing to become an S corp can also help you avoid higher Social Security and Medicare taxes.
If you still haven’t filed your taxes and need help, call the Brigade Bookkeeping team. We are always here to help!