Be prepared for changes in your taxes and insurance in the coming year. Â
Many make resolutions this time of year. While most make resolutions to get in shape or take up a new hobby, make a practical resolution to get your business finances in order so that youâ're prepared for the New Year. That way you can take better care of your finances. With tax season right around the corner, get organized and check out these tips to help you plan for changes in your business taxes and insurance. Hereâ's what you need to know.
Mileage Rates.
When you drive for work, itâ's important that you pay attention to mileage rates. That way when you need to list your business expenses for tax deductions, you have the necessary information. According to the
IRS, the mileage rate for 2017 stands at 53.5 cents per mile. Â This rate is a change from the previous year when mileage rates stood at 54 cents per mile. Keep track of the miles driven so that you know how to properly itemize your expenses when it comes time to file taxes.
Health Insurance.
As of current rules under the Affordable Care Act, you need health insurance to avoid any tax penalties. As a small business owner, if you have more than 50 employees, you need to provide health insurance. Ensure that you get the right documentation in by January 31st as opposed to the end of March.
When it comes to getting your taxes and insurance in order, itâ's important that you anticipate any changes. Get the right
business insurance coverage to keep you protected year-round. For help finding the right policies,Â
contact the professionals atÂ
Cook, Disharoon & Greathouse, Inc. Located in Oakland & Pleasant Hill, California, we serve all your personal and commercial insurance needs. As of February 1st, 2017, we'll be moving locations! Our new address will be 1942 Embarcadero Oakland, CA 94606. Come visit the new office!
