Take Full Advantage of the Tax Law Changes
The Tax Cuts and Jobs Act of 2017 Completely Reformed US Taxes
If television commercials are to be believed, filing your taxes is free and so simple you can do them on your cell. While maybe that works for some people who are filing very simple personal returns, business tax compliance is an entirely different matter.
For example, tax law changes reduced the number of filers who itemize by an estimated 90%. Most people no longer have to keep up with mortgage interest, medical expenses, unreimbursed job expenses, property taxes, or charitable contributions. Strange as it seems to those of us used to keeping up with that big file of receipts all year, we can let that file go.
Businesses do not have that luxury.
A small business owner must produce a set of financial statements and have the backup to prove each amount in the event of an audit. As the IRS implements forms of statistically sampling like block-chain, the safe bet is to assume that any unusual expenses could trigger questions.
It sounds frightening but it doesn’t have to be. We can work together to make sure that your books and tax returns are accurate and that you’re taking full advantage of all available deductions.