Small Business Tax Review May be in Order

Small Business Tax Review May be in Order

The recent tax legislation addresses a number of tax credits and other provisions that impact small business. Planning your business’ tax bill is now more important than ever. Here are some of the key changes:

Point First year bonus depreciation is now available through 2019.
Point Section 179 capital expensing is now $500,000 per year and will be indexed to inflation.
Point The Research and Development Credit is now permanent.
Point The Affordable Care Act requires many small businesses to carry qualified health insurance or face potential penalties.
Setting up your business accounting system
Point Other General Business Credits have been extended or made permanent.
Point The flow-through nature of the tax code may now be exposing shareholder income to additional surtax as part of the Affordable Care Act.
On May 31, 2016   /   Tax News, Tax Tips  

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