Quick Guide to 2018 Business Tax Reforms
Eden Prairie, Minnesota (PRWEB) April 06, 2018 -- The quick guide reviews three key elements that business owners, executives and accountants should utilize in preparing their taxes over the coming years. As well as why this is a key time to be investing in infrastructure, equipment, adding employees and other growth activities.
For a closer look at how businesses can take advantage of the 2018 tax benefits, let’s dive in and have a look at three of the most significant changes to the new tax code, the Tax Cuts and Jobs Act, and how these changes may specifically benefit your equipment-purchasing decisions.
You may be entitled to claim a larger deduction:
The Tax Cuts and Jobs Act (H.R.1) has several benefits that specifically target businesses, including the increase of the maximum deduction allowed under Section 179.
New opportunities for pass-through entities:
Before the Tax Cuts and Jobs Act was enacted, pass-through entities such as limited liability corporations (LLCs), sole proprietors and S corporations, which make up a significant portion of U.S. businesses, were effectively taxed at an individual rate.
The bonus depreciation:
One of the most important tax breaks businesses would take advantage of before the Tax Cuts and Jobs Act was deducting a percentage of the cost of qualifying assets as “bonus depreciation.”
Read the quick guide and download a copy on our website by following this link.
Founded in 1972, Advance Acceptance provides national equipment finance and leasing services for leading brands across the United States. Advance Acceptance is a division of First Western Bank & Trust, of Minot, North Dakota.
Content is authored and edited by Conrad Magalis, senior marketing manager of Advance Acceptance -- First Western Bank & Trust.
Conrad Magalis, Advance Acceptance - First Western Bank, https://www.advanceacceptance.com/, +1 (952) 516-7351, [email protected]
Share this article