The Internal Revenue Service (IRS) wants small business owners and self-employed individuals to understand how the recent tax law changes may have impacted their bottom line. The Tax Cuts and Jobs Act (TCJA) was passed in December 2017, and made sweeping changes to the Internal Revenue Code. It included trillions of dollars in tax cuts and benefits for both workers and business owners.
Through the IRS’ annual Tax Time Guide series, they hope to help taxpayers file an accurate tax return. New to the series for the 2018 tax year, and helpful for small business owners and entrepreneurs, is Publication 5318 - Tax Reform: What’s New for Your Business. This easy-to-read, 12 page, electronic IRS publication provides an overview of the various TCJA changes that are important for small and medium-sized businesses, their owners and tax professionals to understand. The different types of business entities impacted include corporations, S corporations, partnerships (including limited liability companies or LLCs) and sole proprietorships.
Here are the changes you can expect to learn about in Publication 5318:
Qualified Business Income Deduction
Depreciation
Business related losses
Business related exclusions and deductions
Business credits
S corporations
Farm provisions
Miscellaneous provisions
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