Business Tax Planning

Business Tax Planning-57
Generally, if you're a domestic business owner, this should be good news for you." Tax reform in 2018 resulted in a major overhaul for small business taxes.Last year, small business insurance company Insureon partnered with Manta to poll 2,700 small businesses about the new tax legislation's potential impact.2019 may not see major changes to the small business tax code, but there are some important things to keep in mind.

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"People haven't seen most of the impact of it yet, and you're not going to see it until next year," Parent said.

"This is really when you're going to get surprised – sometimes for good, sometimes for bad.

"Knowing you can carry [net operating loss] forward and carry it forward indefinitely … In addition to some structural changes, there are some important deadlines to keep in mind as well: If you've just bought a business, or are new to small business tax structures, there are a few things you should keep in mind.

While it is possible to do your taxes on your own, you should seriously consider working with a CPA.

This adjustment means your taxes could be different from last year.

If you're a small business operating domestically, Anthony Parent, founding partner of Parent & Parent LLP, said you should experience mostly positive changes.

Strategy: Take advantage of current loopholes in the tax law.

By making smart moves at the end of the year, you might save your business thousands of tax dollars.

He reviews small business services, including PEOs, small business loans and GPS fleet tracking services.

As with individuals, tax reforms could potentially affect your small business, but the prospects are still uncertain.


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