The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it\u2019s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they\u2019ll likely owe taxes or get a refund when they file their returns this spring, so they can plan accordingly.<\/p>\n
With the biggest tax law changes in decades \u2014 under the Tax Cuts and Jobs Act (TCJA) \u2014 generally going into effect beginning in 2018, most businesses and their owners will be significantly impacted. So, refreshing yourself on the major changes is a good idea.<\/p>\n
Taxation of pass-through entities<\/strong><\/p>\n These changes generally affect owners of S corporations, partnerships and limited liability companies (LLCs) treated as partnerships, as well as sole proprietors:<\/p>\n Taxation of corporations<\/strong><\/p>\n These changes generally affect C corporations, personal service corporations (PSCs) and LLCs treated as C corporations:<\/p>\n Tax break positives<\/strong><\/p>\n These changes generally apply to both pass-through entities and corporations:<\/p>\n Tax break negatives<\/strong><\/p>\n These changes generally also apply to both pass-through entities and corporations:<\/p>\n\n
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