Understanding New Tax Laws for Small Businesses
We’re in the heart of tax season now, and small businesses all over Washington are filing taxes for the first time under the new federal Tax Cuts and Jobs Act. There’s a lot of new rules for business owners to wrap their heads around, so Vancouver Business Journal conducted an interview with CPAs Leslie Currie and Micci Susott to talk about some of the biggest changes that are affecting their clients.
Benefits and Complications
Although there are many tax advantages for small businesses under the new tax plan, there are a few drawbacks. One of the biggest changes is an increase in the tax rate for C corporations making less than $50,000. These business used to be taxed at 15 percent but will now be subjected to a 21 percent flat tax.
Perhaps the biggest factor for filing taxes this year is simply all the new information businesses need to consider. While there are quite a few new benefits (and a few burdens, too) taxes are taking more time to file and are costing more to prepare. This is not necessarily a reflection on the quality of the new rules, but is most likely just a result of how new they are.
Business Lawyer Services for Vancouver
When it comes to structuring your business under the new tax laws, there is a lot to consider. Hiring an experienced business lawyer can help you ensure that your business is in the best position possible to take advantage of these new rules. There are many benefits to be gained under the Tax Cuts and Jobs Act, but it may not be obvious how to get them. John L. Davis, PLLC can help your business navigate these new tax laws with confidence and make sure that you are doing everything you can for your business. Call our office today at (360) 597-4740 to schedule an appointment for your business.