Owners of small to medium-sized businesses may want to take a little more time this year to make sure they take advantage of all the opportunities available to minimize their tax bill.
Tax Cuts and Jobs Act
We’ve already seen a few areas where our clients need to act immediately to help reduce their tax liabilities.
An employer who pays at least 50% of the salary of a qualified employee while he/she is out on family or medical leave can claim up to a 25% credit on those qualifying wages.
Legitimate tax write-offs are critical to growing your business and maximizing your company’s bottom line.
The most significant change for our clients this year will be that parents can no longer choose to report a child’s earned income on their own income tax return.