RubinBrown Federal Tax Return Preparation

It seems that every year, a large number of federal, state and local tax laws are altered or introduced, adding to the confusion most people experience over federal tax return preparation. Without historic knowledge and a certain level of expertise in taxes, these annual updates may cause a business or individual to overlook valuable deductions.

Read on for some commonly overlooked deductions. Your tax advice and planning professional can help you identify other tax-free benefits not listed here.

Also, be sure to check out our articles to learn more about small business tax preparation and more.

Tax Advice and Planning

Growing corporate and personal assets is more complex than money-in, money-out. Taking advantage of deductions from taxable income is an effective way to increase cash flow and derive more concrete benefits from your money. Savvy tax advice and planning from the professionals at RubinBrown is a service that pays out far more than you’ll ever pay into it.

The RubinBrown team can quickly assess your earnings and taxable income to help you identify deductions and credits that you may be missing year after year. Below are a few of the most commonly overlooked business deductions that could benefit a company as well as its employees.

Encourage employee carpooling and public transportation. A driver who organizes a carpool group can collect reimbursements from passengers to cover gas, repairs and auto operational expenses. Money collected from friends and coworkers with whom the driver carpools is not included as part of their income and is not taxed.

Additionally, companies that choose to offer discount fares for public transportation can deduct that expense up to $100 per month per employee. It’s an attractive, free benefit for employees and cost the company little to nothing.

Don’t overlook bond interest. Not only is the interest on municipal bonds or similar bonds tax-exempt, but the exemption improves with higher marginal tax rates. A smart federal tax return preparation advisor will not only take advantage of this on the federal level but will check for state and local exemptions as well.

Take advantage of educational reimbursements. Companies can deduct what it pays employees in tuition assistance for undergraduate and graduate courses – and the employee also receives a tax-free benefit.

There may be dozens of other potential tax-deductible benefits your company can offer that could help you attract and retain a content workforce. Contact RubinBrown for more information about industry-specific considerations.