The Taxes Small Businesses Can Expect in 2017

Things have changed in the past few months, and if you’re a small business owner you may be wondering what to expect in 2017. Here’s your tax guide.

Small business owners have a lot to worry about.

It’s difficult having to be your own boss and oversee employees, and also having to worry about finances.

If there’s one thing that’s always on the mind of the average small business owner, it’s taxes.  Taxes can take up a lot of time and money, and if they aren’t done right you could end up with a nasty surprise in a few months.

You may not be a professional accountant, but you can prepare yourself by learning about the latest tax changes that could affect your small business.

There’s a lot of information on tax speaker, but we’re going to start small.

As tax season quickly approaches, make sure you don’t get blindsided by these new changes.

Your deadline may have changed

Remember the good old days when tax day was always April 15th?  Business owners have to file at different times, and this year you may have to file earlier or later than what you’re used to.

If you’re classified as a C-Corporation, you may be able to relax for a bit.

The date for C-Corporation businesses has been pushed back from March 15th to April 15th.

Partnerships and S-Corporations won’t have as much time to file as they’ve had in the past.  The deadline used to be April 15th, but this year the date has been pushed up to March 15th.

Partnership audit rules are going to change

There’s one particular tax change that won’t be in effect until 2018.  But businesses that could be affected by it should know about it now so they can prepare.

Are you in a business partnership?  If so, be prepared to see some changes when you file next year.

As of 2018, partnerships could be liable at the entity level instead of at a partner level in case an audit occurs.  This change can have a considerable impact on how partnership interests are transferred and valued.

This may change how you decide to conduct your business.  Since you know about it now, spend 2017 talking to your business partner about the best way to handle the upcoming changes.

Income tax could be lowered

This is another change that could be happening in the near future that small business owners need to be aware of.

During his campaign, President Trump promised to make major changes in income tax rates for companies of all sizes.

Right now income tax rates can range from anywhere to 15% to 35%. President Trump has vowed to make it 15% for every company regardless of their size.

The research and development tax could be easier to qualify for

If you’ve been looking for a major tax break, you may be able to qualify for one this year.

Businesses that make less than $50 million each year and invest in research can now apply for the Alternative Minimum Tax. Those tax changes can help with payroll taxes and other expenses.

Contact a Tax speaker

All of these changes can be difficult to wrap your head around. Luckily we’re here to help you.  If you want to learn more about what your business should expect this tax season, contact tax speaker to see what they can do for you.

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