
By Judy A. Cahee
Managing your taxes is one of the most stressful aspects of being a small business owner. Waiting until the last minute will only make the process worse and can often result in a larger tax bill in the long run. Reduce your stress by planning in advance and implementing top tax saving tips now.
First and foremost, now is the time to contact your tax advisor and learn how the Tax Cuts & Jobs Act impacts your business.
Although the law was enacted in December 2017, many provisions are effective beginning with the 2018 tax year. A lot has changed. Don’t make the mistake of waiting until December to understand how the changes impact you or to identify tax planning moves that can reduce your tax bill.
Here are some key considerations:
Choice of entity review.
There are two major changes that impact whether the type of entity you own remains the best choice for tax purposes. Changing the classification of your business takes careful planning.