VANCOUVER, BC--(Marketwired - December 29, 2016) - As a US Tax Accountant, Mark Schiffer has made cross-border taxation his firm's specialty. 2016 is about to end, which means the tax cut-off is in sight. Whether a business or sole proprietor, it's a good idea to pay attention to profits and losses at the end of the year in order to gain a general understanding of what amount the IRS expects and plan accordingly. The latest edition of Mark's online newsletter summarizes the relevant tax changes for 2016. For more, go to: http://www.us-taxprofessionals.com/newsletter.php#2
Affected areas mentioned in the article include:
- Standard Mileage Rates
- Health Care Tax Credit for Small Businesses
- Section 179 Expensing and Depreciation
- Work Opportunity Tax Credit
- Simple IRA Plan Contributions
For example, small business employers who pay at least half the premiums for single health insurance coverage for their employees may be eligible for the Small Business Health Care Tax Credit, as long as they employ fewer than the equivalent of 25 full-time workers and average annual wages do not exceed $52,000 (adjusted annually for inflation) in 2016.
In 2016 (as in 2015 and 2014), the tax credit is worth up to 50% of your contribution toward employees' premium costs (up to 35%for tax-exempt employers). For tax years 2010 through 2013, the maximum credit was 35% for small business employers and 25% for small tax-exempt employers such as charities.
When it's time to close the books, it's best to consult with a tax specialist who will make sure all updated tax provisions are understood and properly applied. With a little planning and forethought, it's possible to avoid uncertainties and headaches. Instead, you'll have a plan to maximize savings and minimize payments that meets all IRS requirements.
To learn more about working with US Tax Professionals, contact (604) 949-1559.
About the Company
US Tax Professionals specialize cross borders tax services for American citizens living in Canada and Mexico. Founded in 2013, they specialize in individual taxation, taxation and accounting for business, and accounting and taxation of alternative investments, including private equity funds and hedge funds.
For more information, visit http://www.us-taxprofessionals.com/ or call (604) 949-1559.