Month: February 2017

Article by John Rampton from DUE

Whether you’re ready or not, we’re quickly approaching 2017. This means in just a few weeks, we’ll not only have a new president, but also a new set of tax laws and codes that will influence how we conduct business.

Since it’s always best to be well-prepared when it comes to taxes, here are some of the new changes that you should be aware-of. As with anything to do with the government or taxes — if you really want to stay-top of this information, meet with your tax advisor and frequently check for updates on IRS.gov.

Keep in mind, this isn’t legal advice as I’m not in that space… but more a few new tax laws for 2017 that I’ve noticed that business owners should pay attention too. (Read More)

[fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_text]10 Can’t Miss Tax Deductions For Small Businesses & Self-Employed Persons Kelly Phillips Erb, Forbes Staff

“American business is overwhelmingly small business.” That’s the word from the Small Business & Entrepreneurial Council which cfigured that the number of small businesses with fewer than 20 workers together with the number of nonemployer businesses makes up 97.9% of the businesses in America (remember those are numbers of businesses and not numbers of employees).

Data from the Internal Revenue Service (IRS) supports the notion that small businesses are making a significant economic impact. Of the nearly 148 individual income tax returns filed in 2014 (the last year for which complete data is available, downloads as a pdf), 46 million – or 1/3 – of tax returns reported income from a sole proprietorship, pass-through business entity (like an s corporation, partnership or LLC), rents/royalties, or farms. That’s 1 in 3 individual taxpayers who filed an individual tax return reporting business-related income. It’s no wonder that a number of the questions in our last #AskForbes Twitter chat focused on deductions for small business. To help you out, here are 10 can’t miss tax breaks for small businesses and self-employed persons:

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