Paychex shares these five tax tips for small businesses to keep in mind in the New Year.

1. for Small Business Owners to
Consider in the New Year
Five Tax Issues
$

2. “As requirements and deadlines shift, even the most well-informed small business
owner can get lost in the ever-changing world of taxes. During this season of small
business, we’re focused on providing small businesses with information that can
help them close the year strong and prepare for an even stronger 2017.”
Martin Mucci, Paychex President and CEO
$

3. For tax year 2016, applicable large employers (ALE)
as defined in the Employer Shared Responsibility
Provision (ESR) of the Affordable Care Act must
include a detailed reporting of healthcare coverage.
The due date for furnishing form 1095-C has been
extended to March 2, 2017.
WHY IT MATTERS
5 TAX ISSUES
Affordable
Care Act
1#
READ MORE
payx.me/taxtips2016

4. A new federal law has accelerated the W-2 filing
deadline for employers to January 31, 2017 and
many states across the U.S. have also accelerated
the filing of W-2 information to the same date.
WHY IT MATTERS
5 TAX ISSUES
Accelerated
W-2 Form Filing
2#
READ MORE
payx.me/taxtips2016

5. The Section 179 deduction is still set at a limit of
$500,000, but as long as equipment and software
is financed and in place by midnight December 31,
2016, it is eligible to receive the Section 179
deduction. Also, bonus depreciation is extended
through tax year 2019.
WHY IT MATTERS
5 TAX ISSUES
Accelerated
Depreciation
3#
READ MORE
payx.me/taxtips2016

6. Small businesses that start a new 401(k) plan
between now and December 31, 2016 can claim a
federal tax credit for the first three years of the plan
to offset plan startup costs.
WHY IT MATTERS
5 TAX ISSUES
401(k)
Tax Credit
4#
READ MORE
payx.me/taxtips2016

7. Consider if deferring income into 2017 makes
sense for your small business. Doing so may allow
you to take advantage of reductions in cuts to tax
rates the next administration is looking to enact.
WHY IT MATTERS
5 TAX ISSUES
Deferral
of Income
5#
READ MORE
$
payx.me/taxtips2016

8. www.paychex.com/worx/
For more helpful tips to advance the
long-term success of your small business, visit
The information contained within is not tax or legal advice.
These issues are complex and applicability depends on individual
circumstances. Businesses should consult tax or legal counsel
before taking action on any of the items identified above.