Some business tax tips under the new tax law
- July 11, 2018
- David Greene
- Comments Off on Some business tax tips under the new tax law
Many owners of small businesses know how to make or sell their product, but do not know how to keep good books and file and pay all required local, state and federal tax forms. To keep your business out of tax trouble the first thing I suggest is getting a professional to help you set up your financial monitoring and reporting structure. It pays in the long run. Other suggestions are: (1) structure your business as an S-corporation or LLC. This can save in taxes. (2) Expense big ticket asset purchases instead of depreciating them. The new tax law is more lenient in this area. (3) However, some expenses are no longer deductible under the new law: you can only deduct 50% of the cost of meals and no deduction is allowed for entertainment. (4) Be sure to make quarterly estimated tax payments, especially if you are a sole proprietorship or partnership. Visit my blog at www.greenelaw.legal to learn more.