Taxes and Small Businesses

Tax laws are continuously evolving. This list of new tax law changes for 2017 applicable to small businesses shows that. This helps to show that small businesses and entrepreneurs should probably consult with a tax advisor early on in their business, in order to take advantages of some of the tax benefits in place for business entities. For example, the article points out that there will be a bonus depreciation period for assets “placed in service between 2015 through 2019.” This could be helpful to entrepreneurs who use depreciable assets, but, of course, only if they know about the provision. Although it may seem expensive or unnecessary to consult a CPA or other tax professional, my suspicion is that most small businesses and entrepreneurs would benefit from such a consultation.

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