In today’s episode we explore the main changes tax reform had on small businesses. Watch below to find out what to expect. I’m pretty happy about some of the changes, especially the last one!
Taxes are a giant formula. Tax reform tweaked that formula and I expect to see business owner’s paying less taxes on their business income. The main changes are to:
Meals & Entertainment
Net Operating Losses
Qualified Business Income (QBI)
With the various tax brackets, limits on deductions, family sizes, types and amount of income, everyone’s situation is different. Small business income flows into the business owner’s personal tax return and we have to look at their entire situation to determine the impact of tax reform.
It is complex but I do my best to simplify it for you. If you have any questions, please reach out and we can talk about your situation.
If you missed our episode about the impact of tax reform on individuals, you can check it out here.
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