Home » Aron Govil gives 25 Important Tax Changes That Will Affect Your Small Business This Year

Aron Govil gives 25 Important Tax Changes That Will Affect Your Small Business This Year

As we approach the end of the year, it’s important to be aware of any tax changes that may affect your small business, shares Aron Govil.

Aron Govil-Here are 25 important changes to be aware of.

1. The standard deduction has been increased for 2018.

This may impact how you file your taxes, so be sure to consult with a tax professional.

2. The individual mandate has been repealed.

This means that you are no longer required to have health insurance, although you may still want to consider it for tax purposes.

3. The child tax credit has been increased.

This could provide some relief for parents with young children.

4. There are new limits on business deductions.

Be sure to familiarize yourself with these new limitations so that you don’t run into any surprises when filing your taxes.

5. The estate tax exemption has increased.

This could impact how you plan your estate.

Be sure to consult with a qualified tax professional to get more information about how these changes may affect you and your small business.

6. The rules for pass-through income have changed.

Pass-through income is now subject to a 20% deduction, so being sure to familiarize yourself with the new rules.

7. The self-employment tax rate has decreased.

This could provide some relief for self-employed individuals.

8. The Affordable Care Act has been repealed.

This could have a significant impact on small businesses, so be sure to consult with a tax professional to find out how this may affect you.

9. The corporate tax rate has been reduced.

This could provide a boost to businesses that are incorporated.

10. There are new limits on deductions for state and local taxes.

Be sure to familiarize yourself with these new limitations so that you don’t run into any surprises when filing your taxes.

11. The home office deduction has been changed.

The new rules make it easier to qualify for the deduction, so be sure to take advantage of it if you qualify.

12. The rules for depreciation have changed.

Be sure to consult with a tax professional to find out how these changes may affect you.

13. The Americans with Disabilities Act has been amended.

This could have a significant impact on small businesses, so be sure to consult with a tax professional to find out how this may affect you.

14. The overtime rule has been repealed.

This could have a significant impact on small businesses, so be sure to consult with a tax professional to find out how this may affect you.

15. The Tax Cuts and Jobs Act has been passed.

This could have a significant impact on small businesses, so be sure to consult with a tax professional to find out how this may affect you.

16. The net investment income tax has been repealed.

This could provide some relief for business owners who invest in their businesses.

17. The rules for bonus depreciation have changed.

Be sure to consult with a tax professional to find out how these changes may affect you.

18. The rules for the Section 179 deduction have changed.

Be sure to consult with a tax professional to find out how these changes may affect you.

19. The meals and entertainment deduction has been changed.

Be sure to consult with a tax professional to find out how these changes may affect you.

20. The rules for the home sale exclusion have changed.

Be sure to consult with a tax professional to find out how these changes may affect you.

21. The foreign earned income exclusion has been repealed.

This could impact business owners who operate internationally.

22. The IRS is increasing its scrutiny of small businesses.

Be sure to keep good records and be prepared for an audit if necessary.

23. The IRS is cracking down on E-file fraud.

Be sure to file your taxes electronically to avoid being targeted by the IRS.

24. The IRS is offering new incentives for small businesses to file their taxes electronically.

Take advantage of these incentives to make filing your taxes easier and more efficient.

25. The IRS is offering a new program for small businesses to get help with their taxes.

Take advantage of this program to get assistance filing your taxes and avoid any potential mistakes.

Conclusion:

Aron Govil concludes,the Tax Cuts and Jobs Act have been passed, and there are many changes that could have a significant impact on small businesses. Be sure to consult with a tax professional to find out how these changes may affect you.

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