I’d like to promote two important, related resources I came across recently:
CPA Practice Advisor released an article summarizing the biggest tax law changes for small business owners:
With just a few months left in the year, the IRS is highlighting important information for small businesses and self-employed individuals to help them understand and meet their tax obligations. Here are several changes that could affect the bottom line of many small businesses.
They outline a few key issues in particular:
- Qualified Business Income Deduction
- Temporary 100 percent expensing for certain business assets
- Fringe Benefits
- Estimated Taxes
Meanwhile, the IRS is trying to help educate taxpayers and their accountants on these topics. They are offering a free one-hour webinar on Thursday, November 1, 2018 (2 pm Central-time) called, “Tax Reform Basics for Small Businesses and Pass-Through Entities”. It will provide an overview of the following:
- Estimated Taxes
- New Rules for Depreciation
- Business Deductions
- Live Q & A session
If you run your own business or work with taxpayers who do, this resources are for you! Please do not wait until January to dip your toes into the whirling cesspool that is the new tax law. The regulations may only be in the proposed stage, but there’s no indication they’ll be finalized before year-end.