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New Law Offers Small Business Tax Breaks

2/19/2018

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The Tax Cuts and Jobs Act (TCJA) does much more for businesses than lower corporate tax rates. With careful planning, your small business may realize big tax benefits under the new law. Here are several tax-saving opportunities for 2018:


  • Place assets in service. Under Section 179, a business can now deduct the cost of up to $1 million of qualified assets a year, doubled from $500,000. But the Section 179 deduction is still limited to the amount of income from the business activity. Also, the TCJA doubles the 50 percent bonus depreciation deduction to 100 percent for 2018, giving your small business greater flexibility.
 
  • Consider buying a new business car. The TCJA also increases depreciation deductions allowed for cars used for business driving. Specifically, it hikes the annual limits for luxury cars for each year in service. For instance, the first-year write-off for a car jumps from $3,160 in 2017 to $10,000 in 2018, not even counting bonus depreciation. If you're shopping for a new business car, now's a good tax time to buy.
 
  • Manage pass-through income. For taxpayers owning a business taxed as a pass-through entity — like a partnership, S corporation or sole proprietorship — the new law creates a brand-new deduction generally equal to 20 percent of the business income. This effectively lowers the tax rate for owners. There have been conditions put in place to avoid abuses, especially for professionals and other taxpayers providing services. By keeping income below the thresholds of $157,500 for single filers and $315,000 for joint filers, you may benefit from the maximum 20 percent deduction.
 
  • Cash in on other business tax breaks. Finally, you can still take advantage of various deductions and credits (albeit with certain tweaks), including tax breaks for research activities, interest deductions, net operating losses (NOLs) and a new temporary credit for family and medical leave wages.
 
Call our office today and we can help you develop the best tax strategies for your situation.
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"Tax Tips" are published weekly to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
 
The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
 
We are trusted CPA advisors servicing Burr Ridge, Hinsdale, Willowbrook, Darien, and all Chicagoland area. 

Do you need assistance with your business and/or personal tax returns? Would you like to have a trusted source for your accounting, allowing you additional time to focus on increasing your business? Do you use QuickBooks, or plan to in the future, for your accounting? We include these in all our service packages, customized to fit your personal or business needs.   
 
We are currently accepting new clients. Your initial consultation is free, so you have nothing to lose and everything to gain.Our experienced staff is available to help you streamline your accounting, giving you more free time for yourself. Set up an appointment today by calling (630) 320-3720 or email us at [email protected]. 
 
For more free resources, such as Online Advisor Newsletters, Tax Organizers, and Record Retention Schedules, access our website www.monarchaccountinggroup.com.

Monarch Accounting Group, Inc
145 Tower Drive, Suite 4
Burr Ridge, IL 60527
Phone (630) 320-3720



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Phone: (630) 320-3720

Monarch Accounting Group Inc
145 Tower Drive, Suite 10
Burr Ridge, IL 60527-7836
Email: [email protected]


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  • Home
  • Solutions
    • CFO Services
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