04/18/2018

Start Preparing Now for Next Year's Tax Changes

Businesses need to act now to benefit from the new tax law

Tax time is no one's favorite time of year. But for small-business owners, this year's filing deadline at least comes with the promise of better rates ahead: Many of the changes included in the Tax Cuts and Jobs Act, (TCJA) passed by Congress in December, are going into effect.

As entrepreneurs, we should expect to benefit--at least, temporarily--from the new tax plan. My company, Manta, conducted a poll in January and found that 83 percent of business owners anticipate their companies will be positively impacted by the changes. Nearly as many, 80 percent, said they support the TCJA.

Some are already feeling the benefits of having more money in their pockets, according to another poll we conducted last month. Thirty-four percent of small-business owners said their business income had increased as a result of the tax reform, just three months into the year. Forty-two percent have already changed their budgeting or financial planning because of the new tax law.

Please select this link to read the complete article from Inc.