Taxes are an ongoing saga for every business. What’s new in 2017 and how can you prepare yourself for changes each year?
The preparation is the part to start early. Beginning January 1st, implement an organization system that will make taxes flow quickly and easily in the next year.
The problem is not knowing that you need to do it, but understanding exactly what needs to be done. The best way to do this is to hire a tax professional. They can give you a checklist and tips on what will work best as far as organization.
Of course nothing ever stays the same, and that applies to tax laws as much as anything else. What is coming up in 2017 that will change things for you?
Health Insurance Changes
Stay on your toes with this one because it will likely change often. This year, if you have more than 50 employees, your deadlines for submitting healthcare forms may be changing. If you are doing things yourself be sure to double check deadlines so you don’t miss anything.
However, if you have a tax person, which is highly suggested, check with them to determine if they need anything from you on a different timeline in order to be able to meet changing deadlines.
The small businessman’s greatest tax helper has become a permanent tax law fixture. Section 179 allows a great deal of non-depreciated expense, which is a major plus for most small businesses.
Though it was set to be eliminated after a period of time, it was recently put into permanent place in the tax code, which is another major boon.
SSA Cap Increase
For those that are self-employed this is important. The SSA has increased its cap from $118,000 to $127,200. This effectively means the self-employed will have to pay up to $7,886.40 rather than the previous $7,347 maximum.
Tax time isn’t fun for anyone, except maybe the IRS. The best way to make it through is to stay on top of changes, keep things organized throughout the year, and work closely with your tax professional.
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