For business owners, lower taxes are likely a gift that you’d like to see under the tree. Thankfully, it’s not too late to add it to your holiday wish list. It even has a name, strategic tax planning. Strategic tax planning is a gift that won’t fade once the newness wears off, and it’s one that continues to give to your business year after year. Strategic tax planning could save your business $20,000, $50,000, even $100,000 in taxes every year. This year stop wasting money on taxes you don’t owe. Instead, give yourself the gift of strategic tax planning, and get rewarded year after year with lower taxes.
There are many advantages to giving to charity. While doing good is in and of itself its own reward, it also probably makes you feel good. Reaping the tax benefits from that charitable giving has also been a nice perk. While taxes might not have been at the forefront of your mind when providing assistance to others, the tax deduction for charitable contributions has typically helped shave money off your tax bill if you itemize instead of taking the standard deduction. Under the new Tax Cuts and Jobs Act, the deduction for donations is unchanged, but the bar is higher with the nearly doubled-standard deduction. ‘Tis the season for charitable giving, so make sure you do it correctly and stay on the nice list.
The Tax Cuts and Jobs Act of 2017 represents a major overhaul of the tax code. As a business owner, your accountant should be advising you about the upcoming changes to the tax code and how to best use it in order to keep more of your income. Here are five important changes about which your accountant should be informing you that just came out in the new tax law:
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