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Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
Featured Biz QuestionAre there any new tax laws or rulings that apply for this year that might help me out come tax time?
Answer from our Guest Expert Peter Soh of AdviseInc.comNew Year Tax InfoHi, there, Yes! There are some new tax rules for 2001 that can help you with your small business and personal income taxes. Take a look and see if any of the scenarios apply to you. If you have any questions, contact your accountant for more details. Take Advantage of Electing S Corp Status; Individual Tax Rates Are Declining.
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Year |
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Rates |
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2000 (prior) |
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15% |
28% |
31% |
36% |
39.6% |
For more on the tax advantages of electing S corporation status, read Idea Cafe's S
Corporation Explained Article.
If you're an employer and provide child care facilities, learn more about the Employer-Provided Child Care Facilities Act. You can claim a percent of qualified expenditures for employee child care and 10 percent of qualified expenditures for child care resource and referral services. The Act provides a credit for employers. This provision is effective in 2002. See your accountant for more details. continued
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Peter C. Soh
Owner of AdviseInc.com
Peter is a savvy certified public accountant dedicated to helping startups.
He is a small business advisor for the U.S. Small Business Administration
and teaches "How to Start Your Business" seminars. more