Tax workshop sheds light on changes for business owners - KYTX CBS 19 Tyler Longview News Weather Sports

Tax workshop sheds light on changes for business owners

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Tyler, TX (KYTX) -- Filing your taxes as an individual can be taxing enough, let alone for your small business.

Fran Rodebaugh is the owner of Tyler's Office Pride franchise and before filing tax returns, she and a roomful of other owners are getting some reminders.

"We want to make sure our business stays honest and with a lot of integrity,"Rodebaugh said.

One thing she's going to start doing differently after the workshop is keeping better track of gas mileage every month.

"You can either write yourself a check, or just deduct it at the end of the year. Once you're incorporated, you need to make sure you write that check," Rodebaugh said.

Mayor Barbara Bass, a Certified Public Accountant and partner at Gollob Morgan Peddy, spoke today about depreciation for businesses, still being a big bonus.

"If you buy a piece of equipment, and you are used to being able to deduct equipment the year you buy it against your profit in the business, that's still the case for this year. That's huge when you're investing in equipment for your business," Bass said.

Bass also thinks employers should be prepared for the effects of the Affordable Care Act, which pertains to anyone with at least 50 full-time employees.

"Once you define yourself as a large employer, you have to provide the insurance starting in 2014 to the employees that work at least 30 hours a week," Bass said.

Employers with 25 or fewer workers will have options to get a credit on their tax return for providing health insurance to any employees.

 

 

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