Home » Aron Govil Identifies Top 15 Tax Changes That Affect Small Businesses in 2019

Aron Govil Identifies Top 15 Tax Changes That Affect Small Businesses in 2019

Aron Govil says as we move further into 2019, there are a few tax changes that small businesses should be aware of. In this article, we will outline the top 15 changes that may affect your business.

As the end of the year quickly approaches, it’s important to be aware of the tax changes that will go into effect in 2019. For small businesses, there are a number of changes that could have a significant impact on their bottom line.

Aron Govil: In this article, we’ll take a look at the top 15 tax changes that will affect small businesses in 2019.

1. The pass-through deduction is being reduced:

The pass-through deduction is a key tax break for small businesses, and it’s being reduced from 20% to 17.4% in 2019. This could have a significant impact on small business owners’ taxes.

2. The individual tax brackets are changing:

The individual tax brackets are also changing in 2019, with the top rate increasing from 37% to 39.6%. This could have a significant impact on small business owners’ tax bills.

3. The estate tax exemption is doubling:

The estate tax exemption is doubling in 2019, from $5.6 million to $11.2 million. This could provide some relief for small business owners who are facing estate taxes.

4. The net investment income tax is being repealed:

The net investment income tax is being repealed in 2019, which could provide some relief for small business owners who are subject to this tax.

5. The corporate tax rate is being reduced:

The corporate tax rate is being reduced from 21% to 21%. This could provide some relief for small business owners who are subject to this tax.

6. The Section 199A deduction is being modified:

The Section 199A deduction is being modified in 2019. This could have a significant impact on small business owners’ taxes.

7. The self-employment tax is increasing:

The self-employment tax is increasing in 2019, from 15.3% to 16.2%. This could have a significant impact on small business owners’ taxes.

8. The AMT exemption is being increased:

The AMT exemption is being increased in 2019, from $55,400 to $70,300 for singles and from $109,400 to $140,900 for married couples filing jointly. This could provide some relief for small business owners who are subject to the AMT.

9. The child tax credit is being increased:

The child tax credit is being increased in 2019, from $1,000 to $2,000 per child. This could provide some relief for small business owners with children.

10. The deduction for state and local taxes is being limited:

The deduction for state and local taxes is being limited in 2019, from $10,000 to $5,000. This could have a significant impact on small business owners’ taxes.

11. The home office deduction is being simplified:

The home office deduction is being simplified in 2019, making it easier for small business owners to qualify for this deduction.

12. The deduction for student loan interest is being eliminated:

The deduction for student loan interest is being eliminated in 2019. This could have a significant impact on small business owners who are paying off student loans.

13. The deduction for moving expenses is being eliminated:

The deduction for moving expenses is being eliminated in 2019. This could have a significant impact on small business owners who are moving to a new location.

14. The deduction for entertainment expenses is being eliminated:

The deduction for entertainment expenses is being eliminated in 2019. This could have a significant impact on small business owners who are looking to deduct these expenses.

15. The retirement savings contribution credit is being increased:

The retirement savings contribution credit is being increased in 2019, from 50% to 60% of the contribution. This could provide some relief for small business owners who are contributing to their retirement savings.

This article provides a summary of the top 15 tax changes that will affect small businesses in 2019. Small business owners should review these changes and update their tax planning accordingly.

Conclusion:

Aron Govil says as you can see, there are a number of tax changes that will affect small businesses in 2019. Small business owners should review these changes and update their tax planning accordingly.

If you have any questions about these changes, please don’t hesitate to contact us. We would be happy to help you navigate the tax landscape in 2019.

Leave a Reply

Your email address will not be published.