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10 small business tax items

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in Small Business Tax,Small Business Tax Deduction Strategies

Big business entities, including multinational corporations, are expected to reap the main tax rewards under the Tax Cuts and Jobs Act (TCJA).

Alert: The new law doesn’t ignore small businesses. Beginning in 2018, it provides plenty of tax-saving opportunities for small business owners, although you’ll also face some tax obstacles.

Unlike the tax provisions for individuals, most business-related provisions in the TCJA are permanent. Here are 10 key tax changes that deserve your immediate attention.

1. Pounce on lower tax rates. Prior to the new law, corporations were taxed under a graduated tax-rate structure with a top rate of 35%. The new law replaces this rate structure with a flat rate of 21%. Thus, the effective tax rate for the majority of C corporations is lowered.

Tip: The TCJA also reduces the dividends-received deduction from 80% to 65% if a corporation owns 20% of the stock of another corporation (from 70%...(register to read more)

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