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Xero releases tools to ease SMB tax compliance
A new set of tools out from Xero may ease the end-of-year headache for many small businesses. Th tools are set up to make it easier to SMBs to comply with 1099 and GAAP rules from the IRS, especially important as more businesses outsource tasks to self-employed or freelancers.
Through the additional tools, US small businesses or international businesses using US-based freelancers, can select reporting for the country of origin. There are also impressive invoicing features, email and other templates to make it simpler to keep papers in order.
The Xero Partner Advistory Committee also offers these tips to help small businesses get ready to close the books on 2012:
• Streamline your 1099's: In 2012 changes were made regarding 1099 reporting. Employ a cloud-based accounting system that has 1099 capabilities and integrates with Track1099 (a vendor portal where vendors can log in and retrieve their 1099s and directly e-file to the IRS).
• Know Your Nexus: Be sure your small business is filing in all required states where the business nexus* has been established. With state coffers on the look-out for additional tax revenue, many states have changed their nexus rules from a location/brick-and-mortar concept, to a framework where the nexus can be established simply by generating revenues from sales in a certain state (think of revenue from e-commerce).
• Healthy, Wealthy and Wise: Take advantage of the small business health care credit. If you are a small business who employees 25 full-time workers, pay an average wage of less than $50,000 a year, and pay at least half of employee health insurance premiums then you are eligible for a maximum credit of35 percent and 25 percent for tax exempt businesses (non-profits, charities).
• Veterans Save Non-Profits (money): For not-for-profit organizations who hire veterans who begin work on or after November 22, 2012, but before January 1, 2013 there is a tax credit available up to $6,240 per worker. The credit claimed will be reported on a new form as a credit against the NPOs share of social security tax for all employees. For more information visitwww.irg.gov and search for the Work Opportunity Tax Credit.
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