Many small business owners are not taking legitimate business deductions available to them, such as retirement plans, business expenses that are tax deductions, or depreciation for the equipment or machinery. Therefore it is important to become familiar with the tax code or hire a professional tax advisor, especially ones that are business owners themselves or have worked with small businesses, for expert guidance.
Late Tax Law Changes...Again! What Small Business Owners Need to Know
Deep inside the 1,700 plus page bill passed to keep the government open, are a number of tax law changes for 2019 and 2020.. Included here is a summary of the primary changes impacting most of us.
While there is not much time to react to these changes, being proactive and contacting your tax strategist now allows you to potentially benefit from some significant deductions in areas such as tuition and fees deduction, mortgage interest and retirement accounts.
As more clarity is provided by the IRS, we’ll be keeping you updated on how to best use these new law changes to your advantage - follow our Million Dollar Monday hashtag on Linkedin, Instagram, or Facebook to stay up to date!
Million Dollar Monday FAQs
The idea is to inspire entrepreneurs, especially those who are solopreneurs, sole proprietors or self employed, to ask themselves what small steps they can take each week to march closer to their goals, by outlining their ideal progress and implementing new actions.
Join us on Instagram, Facebook and Linkedin to take part in this powerful year long challenge!