We all know that April 15th is the deadline to file your taxes. But every year a few things change that put you at risk for not filing accurately. And that can can cost you a lot of money and aggravation — things that most small businesses can’t afford.
As the tax deadline, we want to point out these few things to be mindful of.
- Did you obtain your qualified health-care coverage last year? As part of the Affordable Care Act (ACA), everyone is required to sign up for health-care coverage or face a penalty.
- Standard mileage rate for 2014 was 56 cents per mile. Expect that to increase in 2015. Be diligent about logging them because those miles add up.
- The limits changed for retirement contributions in 2014. More details.
If you would like to more advice for filing, read the complete article by Keith Hall, president and CEO of the National Association for the Self-Employed (NASE).