We've said it once and we will say it again, tax law is constantly changing. With the dawning of the Tax Cuts and Job Act, we will continue to see changes to all levels of taxes. Taxes for small businesses are no exception to these changes. So in honor of tax season officially arriving, here are some tax facts that you might not know about for your small business!
It's a new year, which of course means new changes in tax law. Tax season is finally here, so if you are looking for the best tax professionals to help you file and get ready for April 15th, we are the best company in the Summerville area. As you are starting to prepare your taxes for your small business, you might need to hit the books again or chat with one of our tax professionals to help you plan for these new changes and laws that you might not know about. To get you started on the right foot for 2020, here is a handful of some of the most important things you will need to think about and know when it's time to start filing for April 15th!
At the end of the day, some of these changes and facts might not be huge. But they will be big enough to affect your bank account, peace of mind, and how you plan on filing your taxes. It's good to know and understand that since 2018, congress has passed major adjustments to business tax laws that included a lower operation tax rate, new rules for pass-through businesses, and a tax break for some industries. It is also important to know that these changes made in 2018 are still settling and taking effect. They will be significantly affecting small businesses that work with overseas productions or individuals overseas. International taxes and regulations are a whole other beast of their own. Stay up to date on them, or work with someone who can help you change with the times.
We are here to make your tax preparations accurate, efficient, and stress free. If any of this information made you feel stressed, call us right away. We are officially ready for tax season and are happy to help you. Until then, make sure you and your small businesses are ready for the changes ahead and at hand. Until next time stay organized, educated, and ready for tax season!
The Pathways Team