While we highly recommend hiring a CPA to prepare your federal income taxes, we know small business owners often find themselves in the middle of bookkeeping, reporting and tax preparation. We also know many small business owners miss out on potential tax savings due to lack of knowledge and having no spare time to research. That’s why we are on the lookout for helpful hints for the small business owner.
Here’s a helpful hint from the IRS that could help you save money this year.
Eligible taxpayers may now deduct up to 20 percent of certain business income from domestic businesses operated as sole proprietorships partnerships, S corporations and some trusts and estates. The deduction may also be claimed on certain dividends. Eligible taxpayers can claim the deduction for the first time on the 2018 federal income tax return they file in 2019. Read more.
And, to help you out even more, we offer tax review services. These services will help you discover all available tax credits, and potentially save thousands of dollars on your federal taxes. Better yet, you pay nothing unless we find savings for your small business.
You may have completed your federal returns for 2018, but you can file an amendment if you missed out on new deductions for the small business owner. To learn more, contact us today!