Now that small businesses and their owners have filed their 2017 income tax returns (or extensions), it’s a good time to review the Tax Cuts and Jobs Act (TCJA) provisions that may significantly impact their taxes for 2018 and beyond. Depending on your entity type, either the new 21% corporate tax rate or the new 20% qualified business income deduction may substantially cut your taxes. And all businesses need to be aware of the breaks the TCJA enhances and the ones it limits or eliminates. The key to maximizing your tax savings is to begin 2018 tax planning now.
