Filing business taxes will be a markedly different experience in 2014. Many of the business tax incentives currently benefiting organizations in Akron, Ohio; Canton, Ohio; and other parts of Stark County, Ohio will be gone. Most came into play as part of the Bush tax cuts, and were extended through December 31, 2013. Dubbed extenders, these helpful business breaks include Section 179 expensing among other things. And the insightful tax team at Appalachian Basin CPAs can make sure you continue to prosper in light of it all.

Chances are you recall all the countless debates over the Bush tax cuts. Proponents touted how the business tax incentives benefitted small companies. Meanwhile, opponents argued that the cuts afforded reduced business taxes that were unfair to most and excessively beneficial to a few. The taxation tennis match went on for months and ended with President Obama leaving a list of extenders in play. Beginning in 2014, however, significant extenders like those listed here will officially be out of the game:,

Section 179 Expensing

Allowed small companies to fully expense many investments in one year rather than five or more years.  Perhaps one of the best loved business tax incentives, it let companies expense up to $500,000 immediately. Moving forward, the maximum about will be $25,000 and the one-year window will be closed.

Research & Experimentation (R&D) Tax Credit

Surely of interest to inventive companies in Stark County, it’s considered a valued source of support for businesses that develop, design or improve products, techniques, software, and similar activities. Originally slated to expire in 2011, this extender will end with the others on December 31.

Temporary Exclusion of 100 Percent of Gain on Small Business Stock

Presented as a stimulus provision, this perk encouraged investing in small companies as all capital gains were tax free. It survived its 2011 appearance on the congressional chopping block, but will not have such luck in 2013.

While these expiring business tax incentives may have the broadest impact on 2014 business taxes, there is more that leaders working near Akron and Canton should prepare for. The built-in gains tax, work opportunity tax credits, and 15-year depreciation for qualified improvements to leasehold, retail, or investment property are all as good as gone. Take it all in, and you could realize the need to take a meeting with an expert from Appalachian Basin CPAs.

Add in the fact that other business tax incentives like bonus deprecation are not expiring but changing dramatically, and you may want to call 330.437.1182 and schedule that meeting today. Successful management of 2014 business taxes will require a plan in place on day one. The section179 shift alone is something companies in and around Akron, Ohio and Canton, Ohio will feel. Envision the whole picture, and expert guidance is obviously appropriate. To see all that the tax team at Appalachian Basin CPAs can guide you through, visit www.abbacpas.com.

Appalachian Basin CPAs
213 Market Avenue North
Stark County, Ohio 44702
330.437.1182
www.abbacpas.com