A Less Taxing Bite on Small Business

These strategies can help reduce Uncle Sams cut of your venture

can also be beneficial to those business owners who dont drive often.

Get help with healthcare. Small businesses can deduct up to 70% (up from 60%) of their healthcare costs for tax year 2002. For 2003 it gets even better for companies struggling with increasing health insurance premiums. Business owners can deduct 100% of their healthcare expensesa big plus for small companies, says Paul Chumsky, a partner with CPA firm Weisberg, Mol, Krantz Goldfarb, L.L.P., who suggests that business owners wait until January 2003 to pay their end-of-the-year premiums if youre not in danger of having your policy lapse or suffering premium penalties.

Tax Resources for Small Businesses

  • The Internal Revenue Services comprehensive Website at www.irs.gov includes information for both small business and new tax law information.
  • Large Accounting Firms like PriceWaterhouseCoopers have comprehensive, updated Websites that cover tax issues (www.pwcglobal.com)
  • In November of each year, Ernst Young publishes the Ernst Young Tax Savers Guide; it releases a new Ernst Young Tax Guide every January. Both are available in bookstores.
  • The American Institute of certified public accountants (AICPA) has a Website at www.aicpa.org that covers the tax issue from various angles.
  • Quickens Website at www.quicken.com covers a broad range of tax topicsincluding details on tax changesfor businesses of all sizes.
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