President Obama has been trying to figure out new ways to help U.S. small businesses thrive. The new programs are hoped to jumpstart the countries slow economy. A new tax cut proposed by House Republican for small businesses could do just that.
If passed, businesses with less than 500 employees will qualify for a tax cut of up to 20 per cent. House Majority Leader Eric Cantor, R-VA spoke about his hopes that the proposal would help small businesses “retain and create new jobs” to help boost the overall economy during the announcement of the proposed tax cuts. The republicans hope [...]

As tax quickly approaches, many small business owners turn to their tax advisors to prepare and file their taxes for them. In fact, a poll of over 1,200 respondents determined that 72% of business owners use external tax advisors. Although 78% of those polled are happy with their tax advice, there are many things to consider when gathering all the documentation for your tax advisor. Tax advisors may work wonders with all the information you give them, but there may be a few items you are leaving out.
Receipts Under $75
Although tax laws do not require a receipt for purchases under [...]