Tax Reform does not equal Tax Simplification when it comes to small business. Although you may pay less tax under the new 2017 Tax Cut and Jobs Act, how much less you will pay can vary greatly depending on your personal situation and how well you understand and implement tax savings strategies afforded to you under the law. Most of the new tax changes go into effect for 2018, however, several provisions in the law affect 2017. Implement strategies early in the year to maximize your tax benefits.

As certified public accountants, we are required to know the latest tax changes. But as small business consultants – we go beyond entering numbers in software. We look for tax saving opportunities all year long. Our tax planning expertise is one of the reasons why so many of our clients recommend us.

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When it comes to small business tax planning, business owners can tap into many different tax-savings strategies. We will work with you to determine if a specific strategy
is right for you. Some of the options we may recommend are:

  • Changing to an S-Corporation or C-Corporation from an LLC
  • Reclassifying income and/or expenses to take full advantage of the new tax laws
  • Manipulating taxable income using Code Sec. 179 or Bonus Depreciation provisions for equipment and other assets
  • Implementing a 401(k), simple IRA or other retirement plan
  • Using cost segregation (reclassify rental property assets into real and personal property)
  • Deferring income into the next year or pulling ahead expenses
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