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Prepare for Tax Season

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MBDA

When you’re running a business, you don’t need to be a tax expert, too. But you do need some tax basics. IRS Small Business Advantage gives you the  information you need to stay tax compliant so your business can thrive. 

AccountingChoosing a Tax Professional

With your new responsibilities, you may decide to hire a professional tax preparer to assist with your taxes. Enrolled agents, tax attorneys, and certified public accountants have training and expertise in federal taxes. When selecting a tax professional, ask a few questions to see if he/she offers what you are looking for:

Experience: Does the tax professional have experience in working with similar size and type businesses? Is the professional familiar with your particular line of business?

Services: Does the tax professional offer electronic filing—the safest and most efficient way to file your tax returns?

Price: What does the tax professional charge for services? If the IRS examines your return, what is the tax professional’s policy on assisting you? Is the tax professional authorized to practice before the IRS?

Qualifications: New regulations require all paid tax return preparers to register with the IRS and obtain a Preparer Tax Identification Number (PTIN). Ensure that the tax professional you choose has a PTIN.

Guide to Federal Tax Identification Number

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MBDA

EmployeesEmployer Identification Number (EIN)

An EIN is also known as a federal tax identification number, and is used to identify a business entity. Employers with employees, business partnerships, and corporations and other types of organizations, must obtain an EIN from the IRS. The EIN is also known as an Employer Tax ID and Form SS-4.

You are required to have an EIN if you answer “yes” to any of the following six questions:

  1. Do you have employees?

  2. Do you operate your business as either a corporation or partnership?

  3. Do you file any of these tax returns: employment, excise, or alcohol, tobacco and firearms?

  4. Do you withhold taxes on income, other than wages, paid to a non-resident alien?

  5. Do you have a Keogh plan?

  6. Are you involved with any of the following types of organizations?

Getting Ready for Tax Season: IRS Preparation

Blogged By: 
MBDA

Health Care Tax Credit

Health Care Tax CreditHealth coverage legislation enacted in 2011 included a Small Business Health Care Tax Credit to help small businesses and small tax-exempt organizations provide health insurance coverage to their employees.

Small businesses and tax-exempt organizations providing health insurance coverage will qualify for a special tax credit. Included in the health care reform legislation, the Patient Protection and Affordable Care Act encourages small business employers to offer health insurance coverage for the first time or maintain coverage they already have. In general, the credit is available to small business employers paying at least half the cost of single coverage for their employees.

Go to www.irs.gov, search: Health Care Tax Credit.

Tax Calendar for Businesses and Self-Employed

Blogged By: 
IRS

2012 Tax CalendarKnowing when and what you have to file can save you a lot of headaches at tax time. To avoid paying penalties, mark your calendar with the following key dates.

If a filing or payment deadline falls on a Saturday, Sunday, or legal holiday, the deadline will be the next business day.

January 31, 2012

  • Furnish Forms 1098, 1099 and W-2G to recipients for certain payments during 2011. Furnish Form W-2 to employees who worked for you during 2011.

March 15, 2012

  • Corporations: File Form 1120 for 2011 calendar year and pay any tax due. For automatic 6-month extension, file Form 7004 and deposit estimated tax.

  • Electing Large Partnerships: Furnish Sch. K-1 (Form 1065-B) to each partner.

  • S Corporations: File Form 1120S for 2011 calendar year and pay any tax due. Furnish a copy of Sch. K-1 to each shareholder. File Form 2553 to elect S Corporation status beginning with calendar year 2012.

Helping Gulf Businesses Transition to Green and Sustainable Operations

Blogged By: 
MBDA

SustainabilityThe Minority Business Development Agency (MBDA) Business Center in Alabama announced a strategic partnership with the International Sustainability Institute of Applied Sciences, a division of ACF Enterprises LLC, to pilot a blueprint for small business sustainable development in South Mobile County.  

To ensure inclusion and capacity-building of minority business enterprises (MBEs) in the emerging green economy, staff at the Business Center, which is working collaboratively with the Mobile Area Chamber of Commerce Foundation, received comprehensive training from the International Sustainability Institute of Applied Sciences to become Certified Sustainability Consultants. The intent of the strategic partnership is to pilot a “blended” training program that leverages technology with consulting to move central Gulf companies along a continuum of continuous improvements in sustainability performance.

According to Pamela Ramos, the Business Center’s Program Director, “Training and consulting will play an important role in transitioning south Mobile County businesses to sustainable operations in 2012.  This is a way to add value and competitive advantage to a minority business enterprise classification.”

Did you know...

The percentage of clients with annual revenues in excess of $500,000 increased over the last five fiscal years.
Graph for MBDA Client Portfolio made up by SGI Clients

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