The new tax reform act has a lot for small to medium-sized businesses to consider when planning ahead for their taxes. We will go over some of the best practices to help minimize your tax bill this year, no matter where you are located.
1. Small Business Health Insurance
Health insurance is all the talk these days, and there is a tax credit to help you provide it to your workers. Be sure to collect new estimates for your business’s health insurance. The new tax law may have even lowered the cost of your insurance. Even in this case, providing health insurance can lower your overall tax bill effectively. You can receive a credit for up to half of your portion of the health insurance payments, depending on if you meet certain stipulations.For more on the IRS’s rules for healthcare click here.In Texas, businesses with $1.18 million to $10 million in annual receipts pay a franchise tax of 0.575%. Businesses with receipts less than $1.18 million pay no franchise tax. English 9mr. mac's virtual existence software. The maximum franchise. Mac os x yosemite free download full version. Texas Tax Registration: Those businesses operating within the state of Texas are additionally required to register for more specific identification numbers, licenses or permits for different tax purposes. Examples of these include income tax withholding, sellers’ permits for sales and use tax, and unemployment insurance tax.