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Old 12-29-2017, 03:12 PM
 
Location: Illinois USA
272 posts, read 129,061 times
Reputation: 201

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Hi I live in IL USA
can anyone give me their opinion how the new tax reform will affect small business ?

Looking to start a new venture with 3-4 employees

Thanks ladies and gents
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Old 12-29-2017, 08:30 PM
 
1,742 posts, read 535,996 times
Reputation: 1747
All good news! Both your s-corp and individual rates have been lowered. You also get FULL expensing on equipment purchased same year. Your federal regulatory burden has also been lifted. Consumer and business confidence is at 17 year highs. Perfect time to start a business.
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Old 12-29-2017, 11:01 PM
 
8,774 posts, read 9,863,348 times
Reputation: 13779
As a business owner, I can honestly say, I have no idea how it will effect you any small business as there so much that goes into business financials and taxes that no general statement can be made. Some small businesses will make out well, others will be harmed, and most will see no changes. As owners, we tend to divorce ourselves from the political hype once things happen because the hype is not always reality. Of course, we will continue to take advantage of the propaganda value if it serves our interest and profits.
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Old 01-05-2018, 12:03 PM
 
37,645 posts, read 18,383,792 times
Reputation: 11711
Quote:
Originally Posted by Dad01 View Post
Hi I live in IL USA
can anyone give me their opinion how the new tax reform will affect small business ?

Looking to start a new venture with 3-4 employees

Thanks ladies and gents
I've been running a small business since 2006. First, ignore the propaganda, it's not doomsday.

Second, as the previous poster said there are different circumstances so you'll hear different interpretations including from people who've never run and who don't understand business. For me, the tax reform is helpful. Where previous couple years I've held back re-investing in my company because it didn't make sense, I've now invested at the end of last year but I have a different situation than you.

Remember that one of the purposes of taxes is to encourage certain economic activity and the current gov't is more business friendly than the previous but again, there is much more to consider than economic and gov't climate.

Last edited by petch751; 01-05-2018 at 12:17 PM..
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Old 01-05-2018, 05:43 PM
 
Location: Illinois USA
272 posts, read 129,061 times
Reputation: 201
^ do you suggest getting an accountant when you start a small business esp for someone who any prior experience ?
or any other advice on self education regarding this ?
thanks
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Old 01-06-2018, 11:11 AM
 
69 posts, read 161,031 times
Reputation: 39
Quote:
Originally Posted by Dad01 View Post
^ do you suggest getting an accountant when you start a small business esp for someone who any prior experience ?
or any other advice on self education regarding this ?
thanks
Yes, but I am biased (a CPA). If you can afford it, it frees up time for you to actually run the business operations. On the tax side, we help with planning to minimize your taxes over your total involvement with the business, not just making sure you comply with tax laws.

Everyone is different and some services make sense for a business owner, while others may be unnecessary. I tend to view people that don't value these services and do everything themselves as people who don't value their time, which of all of us is finite.
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Old 01-07-2018, 12:52 PM
 
37,645 posts, read 18,383,792 times
Reputation: 11711
Quote:
Originally Posted by MrLemon View Post
Yes, but I am biased (a CPA). If you can afford it, it frees up time for you to actually run the business operations. On the tax side, we help with planning to minimize your taxes over your total involvement with the business, not just making sure you comply with tax laws.
MrLemon, excellent post, especially if the OP is wants to be tax efficient and has employee's. Spend time doing what we do best and hire out for the rest.
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Old 01-08-2018, 09:59 PM
 
3,420 posts, read 1,373,122 times
Reputation: 10670
Quote:
Originally Posted by Dad01 View Post
^ do you suggest getting an accountant when you start a small business esp for someone who any prior experience ?
or any other advice on self education regarding this ?
thanks
I've been self-employed for almost 30 years.

Getting started with an accountant is absolutely essential, both for setting up your books and doing your tax returns.

There's a word for people who don't use a CPA: Audited.
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