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Tax Law Changes: What Small Business Owners Need to Know

The IRS has released information regarding the recent tax law changes.

With just a few months left in tax year 2018, the Internal Revenue Service urges small business owners to learn about how the new tax law changes may affect them.

The Tax Cuts and Jobs Act, passed in December 2017, made tax law changes that will affect virtually every business and individual in 2018 and the years ahead. Among other things, the new law may change their tax rates and impact the quarterly estimated tax payments they are required to make during the year.

In the IRS’s ongoing effort to inform small business owners and self-employed individuals of tax law changes affecting their bottom line, they have provided the WVSCPA with the following information to share with our Membership. Click the highlighted links to download the documents.

  • News Release: IRS to highlight tax reform changes affecting small businesses; Small business owners, self-employed should plan now for new changes
  • Fact Sheet: The Highlights of Tax Reform for Businesses
  • Tip Sheet: How to claim the new 100 percent depreciation deduction.
  • Tip Sheet: How Tax Reform affects your bottom line.