TORRANCE TRIBUNE June 2, 2016 Page 3 Police Reports 5 Tax Tips for Small Business Owners (BPT) - Starting a business can be intimidating, but with a solid business plan and guidance from the small business community of experts, it can also be incredibly rewarding. Whether you own a local restaurant or an online Etsy shop, one of the biggest things to get used to as a new small business owner is filing taxes for the first time. If you’re filing a business return, hiring an experienced professional tax preparer can help you avoid making common mistakes that can impact the success of your small business. To get the most from your deductions, here are five tips for small business owners to keep in mind this tax season: 1. What tax deductions can I claim? Even if the expenses were incurred during the previous calendar year, the IRS allows businesses to deduct up to $5,000 worth of certain start-up expenses in the year the business began (subject to limitations). In addition to these costs, corporations and partnerships are allowed to deduct up to $5,000 of their organizational costs in their first year of operation. 2. Is my car mileage deductible? If you use your home as a place of business and consider it your principal place of business, car owners are typically allowed to deduct mileage costs from their home to businessrelated stops. 3. Can I deduct business travel expenses? When you are traveling away from your usual business location, you may be able to deduct ordinary and necessary expenses related to your work. These expenses include transportation costs, lodging, dry cleaning or laundry, tips, baggage charges and business equipment usage expenses such as fax machines or phones. Meals can be deducted if the trip is overnight but there is a 50 percent limitation on these deductions. 4. Are personal care and clothing expenses deductible? No, the IRS has a very strict rule against personal clothing being deducted even if they are bought for business use and only worn at work. 5. How does the Affordable Care Act (ACA) affect my taxes and deductions? The Small Business Health Options Program (SHOP) Marketplace allows for small business to purchase health insurance for their employees. If you pay at least half of your employee’s premiums and have less than 25 full-time and equivalent employees with an average annual wage of less than $50,000 ($51,600 for 2016), you may be eligible for the small business health care tax credit. See the calculator at healthcare.gov. Tax preparation is not one-size-fits all, and navigating credits and deductions makes them even trickier - especially for small business owners and individuals with more complicated tax situations. Filing a business return for the first time can be a daunting task, but it doesn’t have to be. A new offering is launching this year called Block Advisors that specializes in personalized tax preparation, tax planning, small business taxes and year-round support. For small business owners, Block Advisors also provides back-end needs like payroll and bookkeeping. Visit blockadvisors.com for more information or to find your nearest location. • Finance “Whether you own a local restaurant or an online Etsy shop, one of the biggest things to get used to as a new small business owner is filing taxes for the first time.” Theft 5/16/2016 2:30:00 PM 3400 BLOCK SEPULVEDA BLVD Suspect(s) takes unsecured property from front of location/bicycle Burglary-Commercial 5/16/2016 2:00:00 PM 20000 BLOCK HAWTHORNE BLVD Suspect(s) defeats lock and takes property from locker/gym bag, clothes, wallet, cellphone, jewelry Theft 5/16/2016 1:15:00 PM 2400 BLOCK SEPULVEDA BLVD Suspect(s) enters office and takes property from backpack/cell phone, earbuds, shirt Theft 5/16/2016 12:30:00 PM 3400 BLOCK TORRANCE BLVD Suspect(s) enters open business and takes property from break room/purse Burglary-Commercial 5/16/2016 3:08:00 PM 17400 BLOCK HAWTHORNE BLVD Suspect(s) smashes glass door for entry and takes property/cash register, cash Theft 5/15/2016 3:49 PM 17900 BLOCK AMIE AVE Suspect(s) attempts to take water heater from vacant residence Burglary-Auto 5/15/2016 2:45:00 PM 3500 BLOCK CARSON ST Suspect(s) smashes window for entry and takes property/toolkit Burglary-Auto 5/15/2016 2:30:00 PM 4300 BLOCK REDONDO BEACH BLVD Suspect(s) enters unlocked vehicle and takes property/purse Theft 5/15/2016 12:45:00 PM 3500 BLOCK CARSON ST Suspect(s) takes property as victim dines/purse Theft 5/15/2016 8:09 AM 5000 BLOCK PACIFIC COAST HWY Suspect(s) takes property from roof of location/ A/C cooling unit Theft 5/17/2016 3:12:00 PM 2800 BLOCK 227TH ST Suspect(s) enters unsecured, unattended classroom and takes property/wallet Theft 5/17/2016 1:30:00 PM 3400 BLOCK SEPULVEDA BLVD Suspect(s) takes unattended property from cashier counter/wallet Burglary-Residential 5/17/2016 12:30:00 PM 2800 BLOCK REDONDO BEACH BLVD Suspect kicks in door for entry and flees when confronted by resident/no loss Robbery-Weapon 5/17/2016 1:00 AM TORRANCE BLVD & CRENSHAW BLVD Suspect brandishes a knife and takes victims’ property/cell phones, tablet, video camera, GPS Theft 5/16/2016 10:00:00 PM 16900 BLOCK YUKON AVE Suspect(s) pries open laundry machine coin boxes and takes property/cash Burglary-Residential 5/16/2016 9:19 PM 3800 BLOCK 173RD ST Suspect(s) enters residence by unknown means and takes property/laptop, laptop accessories Auto Theft-All 5/16/2016 9:18 PM 2800 BLOCK 235TH ST Stolen vehicle: ‘95 Honda Accord Theft 5/16/2016 8:48 PM 4900 BLOCK 190TH ST Suspect(s) takes property from roof of location, A/C cooling unit Vandalism 5/16/2016 8:00:00 PM 18300 BLOCK PRAIRIE AVE Suspect(s) smashes parked vehicle’s window/ no entry, no loss Vandalism 5/16/2016 6:30:00 PM 18400 BLOCK HAWTHORNE BLVD Suspect(s) graffiti’s exterior wall Burglary-Auto 5/16/2016 3:00:00 PM 2300 BLOCK PLAZA DEL AMO S Suspect(s) takes property from bed of truck/ recovery tanks Burglary-Auto 5/18/2016 7:00:00 PM 4200 BLOCK REDONDO BEACH BLVD Suspect(s) punches door lock for entry and takes property/cell phone, backpack Auto Theft-All 5/18/2016 6:00:46 PM 23900 BLOCK HUBER AVE Stolen vehicle: ‘94 Acura Legend Theft 5/18/2016 5:45:00 PM 4400 BLOCK TORRANCE BLVD Suspect(s) enters open business and takes property/purse, lunch bag Theft 5/18/2016 4:00:00 PM 1800 BLOCK PLAZA DEL AMO Suspect(s) takes victim’s vehicle’s catalytic converter Theft 5/18/2016 2:50:00 PM 3600 BLOCK 182ND ST Suspect(s) takes unattended property from restroom/cell phone Robbery-Weapon 5/18/2016 7:55 AM 18000 BLOCK CHANERA AVE Suspects enter victims’ occupied residence, brandish a knife and a handgun and takes property/cell phones Auto Theft-All 5/18/2016 1:30:47 AM 1600 BLOCK ACACIA AVE Stolen vehicle: ‘16 Hyundai Sonata Auto Theft-All 5/18/2016 1:30:00 3000 BLOCK MERRILL DR Stolen vehicle: ‘13 Hyundai Sonata Robbery-Weapon 5/18/2016 12:25:00 AM 16500 BLOCK CRENSHAW BLVD Suspects enter open business, brandish handguns and demand property/cash, cigarettes, lottery tickets Burglary-Auto 5/17/2016 8:00:00 PM 3800 BLOCK REDONDO BEACH BLVD Suspect(s) enters possibly unlocked vehicle and takes property/wallet, checkbook, jacket, sunglasses Theft 5/19/2016 7:30:00 PM 22600 BLOCK MAPLE AVE Suspect(s) forces open mailbox and takes property/mail Burglary-Auto 5/19/2016 7:00:00 PM 2200 BLOCK SEPULVEDA BLVD Suspect(s) enters vehicle by unknown means and takes property/ wallet, cell phone, birth certificate •
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