We’re starting a brand new business year with a brand new tax reform act that will impact your Small Business. Get yourself ready by listening in to this episode of the Small Business Show!
On the Small Business Show, we believe that you are a better steward of your money than the government, especially when it comes to investing in your business, your employees and your community. So why not learn the details of the new tax laws and work with your accountant to minimize what you have to send away to the federal government?
Dave Hamilton and Shannon Jean jump right in to discuss the details of the tax changes and how you may want to start thinking differently about the structure of your business to take advantage of the new laws. You’ll learn about Pass-through business entities and the new 20% deduction for those types of businesses, along with the restrictions put into place for service businesses such as accountants and attorneys. You’ll be encouraged to ask yourself the all-important question: Are you an employee, business owner or both? Why does it matter and how do you use this decision to minimize your tax burden?
We then spend some time talking about employee-driven businesses (manufacturing companies and restaurants for example) and how they are limited to a deductible that is no larger than 50% of their payroll amount in an effort to encourage Small Businesses to hire more awesome employees. Then it’s time to talk about capital investments and the fact that you now have a 5-year window to expense 100% of your short-lived capital investments within a calendar year. What’s a short-lived capital investment? We thought you’d never ask! Listen in to learn more.
We close out the show with some juicy details about Carry-forward losses and Carry-back losses and how the new tax reform laws impact both. You don’t want to miss this part.
Thanks for joining us today! After you listen, share your story by visiting the Small Business Support Group – we would love to hear from you!
- 00:00:00 Small Business Show #153 for Wednesday, January 10, 2018
- 00:01:39 How Will the Tax Law Impact Small Businesses?
- 00:02:37 Do your homework!
- 00:03:18 The New Pass-through 20% Deduction
- 00:07:28 Limitations for highly-profitable service-based businesses
- 00:10:17 Are you an employee, business owner, or both?
- 00:12:11 Learn the new laws as they apply to your business
- 00:13:03 Employee-driven businesses are limited to 50% of payroll
- 00:13:48 Find your own path
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- 00:20:09 A note about the way we handle our sponsorships
- 00:21:08 You are a better steward with your own money
- 00:22:04 Expensing 100% your short-lived capital investments
- Like Section 179 deductions for your business
- 00:24:16 Changes to Carry-forward Losses and Elimination of Carry-Back Losses
- 00:27:02 Strategically Using Losses
- 00:28:22 Corporate tax reductions to rates and foreign earnings
- 00:29:59 Tax extensions are your friend!
- 00:31:58 “One Time” doesn’t always mean one-time
- 00:33:01 SBS 153 Outtro