How to Account for Business Travel Expenses
The tax law reforms passed in late 2017 can save your business money on its 2018 taxes if you take advantage of the changes. Now is the time to determine how you can lower your company’s tax bill.
- Tax Rate Reductions – Pass-through business tax rates on qualifying income should decrease for many sole proprietorships, partnerships or S corporations.
- Personal Property Write-Offs – Assets such as computers, home office space, or vehicles may be fully deductible, depending on the date in which the asset was placed in service.
- Operating Loss Calculations – Businesses operating in the red may be able to carry forward a percentage of this year’s losses to apply against income in the future.
- Cash Accounting Options – Many small businesses account for revenues when they are received rather than at the time of the sale. This option is now available to companies up to $25 million in revenue.
Find out how the new tax laws impact your business and how to make sure your business is benefiting from all potential tax reductions. Ladlas Prince accounting and tax professionals can review your current tax position and help your company prepare for next year’s federal and state tax filings.