Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
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.
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.
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.
^ 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
^ 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.
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.
^ 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.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
