It's tax time.What’s New for 2008 Taxes? According to the NFIB, "Last year’s economic fallout also brought some business tax changes."
- Section 179 expensing,
- Higher gas, larger mileage deduction,
- high-deductible health plans and health savings accounts ,
- details and more tax tips
Retirement Plans"If you're thinking about setting up a retirement plan for employees, the clock is ticking: Oct. 1 is the IRS deadline for when employers must set up a SIMPLE (Savings Incentive Match Plan for Employees). If you received a filing deadline extension for your 2007 returns then you have until Oct. 15 to set up a SEP (Simplified Employee Pension) in order to take a deduction for the 2007 tax year. Oct. 15 is also the date that 2007 contributions must be made to both plans for anyone who received a 2007 extension." [from NFIB's MyBusiness mag] The Chicago Tribune explains all this stuff here.
BTW, for those of you looking for ways to trim payroll, in this Wall Street Journal article, there are about 5 suggestions.One final NFIB benefit (besides the Lobbying effort and the information): Healthcare Insurance.