9 tips for filing your 2003 business return

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in Employee Benefits Program,Human Resources,Small Business Tax,Small Business Tax Deduction Strategies

1. Self-employed? Deduct full health premium

Finally, self-employed people can write off 100 percent of their health insurance premiums (up from 70 percent in 2002). Note: You can reap significant additional tax savings by making your spouse an employee of your sole proprietorship or single-member LLC and setting up a medical expense reimbursement plan. That strategy could let you deduct all your family's health costs (including uninsured expenses) on Schedule C, plus it could lower your self-employment tax bill.

2. Know your NOLs

If your business generated a net operating loss (NOL) in a tax year that ended in 2003, you can carry back the NOL to only the preceding two tax years. Under a temporary rule that's now expired, NOLs generated in tax years ending in 2001 and 2002 could be carried back five years.

3. Deduct maximum business miles

You can deduct 36 cents per mile for business-related driving...(register to read more)

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