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Yes, it's almost that time of year again: Time to gear up and get ready for your small business's tax filings. But this year could be a little different, thanks to a few new tax laws going into effect.
Here are a few of those new laws and how they could impact your small business.
Section 179 of the tax code allows you to deduct the cost of added property or equipment instead of recovering the costs through depreciation deductions. The provision covers capital improvements costing up to $500,000 and the deduction can be taken in the year you place the property in service. Brian McCuller, JD, CPA, told Due.com, "[f]or property placed in service in 2015, 2016 and 2017, the bonus depreciation is 50 percent. For 2018, it drops to 40 percent; for 2019 it goes to 30 percent." So there's more incentive to add property and put it too use sooner rather than later.
Small business owners need to be aware that the deadlines for filing may vary depending on their incorporation status, the return involved, and even the state in which you're doing business. As John Rampton points out:
Filing deadlines have been changed so that flow-through entity return deadlines are due prior investor return deadlines. This means that partnerships and S-corporations operating on a calendar year will have a new deadline of March 15. The deadline for calendar year based C-Corporations will be pushed from March 15 to April 15.
Due.com also has a handy chart listing filing deadlines by state.
Small businesses employing engineers, scientists, and other product development staff will be eligible for research and development credits to offset their alternative minimum tax. And the credits may cover the development of both internal-use software and software that can be commercially sold.
Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.