We have now arrived in the tax maze and you may need help finding your way through it. Since we are halfway through the year, business owners should be planning for the changes. The Tax Cuts and Jobs Act, passed last year, brought about many. One of the changes to tax deductions in 2018 can benefit small business owners. Pass-through owners who qualify may be able to deduct up to 20% of their net business income from their income taxes. Businesses must meet a number of requirements to qualify for these deductions. The new regulation can be more complex for some businesses.
Pass-through businesses include sole proprietorships, partnerships, S corporations, limited liability companies (LLCs) and limited liability partnerships (LLPs).
Your company could be taxed on only 80% of its income and that’s a savings worth knowing about. This is where a Certified Public Accountant (CPA) can help you. Understanding these new rules and their implications on your business is what a good tax preparer studies and why his or her help has great value.
This is just one of a multitude of changes in how taxes will be calculated for this year. To navigate through this new tax maze, consider hiring a CPA. Les Merritt is a CPA and Certified Financial Planner (CFP). His company has been helping clients take advantage of the latest tax deductions for decades. He and his knowledgeable staff are trusted throughout central North Carolina. Les Merritt is also a Dave Ramsey Endorsed Local Provider (ELP). The ELP designation is not easy to earn. Dave Ramsey only endorses the most skilled and caring professionals and then they are held to a higher standard of excellence.
Contact Les Merritt today to prepare for the 2018 tax maze. Call (919) 269-8553 today to set an appointment.