How Entrepreneurs Can Significantly Reduce 2018 Taxes by Choosing the Right Business Entity | Entrepreneur

August 22, 2018August 21, 2018 ~ knjohn ~ Leave a comment

If you’re confused about what type of business entity to set up — entrepreneur or contractor — under the new Tax Cuts & Jobs Act of 2017, you’re not alone.

Whether you’re an Uber driver, tech startup founder or medical professional contractor, you’ll find that the new tax law will significantly impact your 2018 returns. So, don’t waste any more time mulling this question because you have only a few months left to make changes that will affect your 2018 tax liability.

House Votes To Make Small Business Tax Break Permanent | Forbes.com

June 13, 2014June 23, 2014 ~ knjohn ~ Leave a comment

This week, the House voted to not only extend a tax break for small businesses but to make it permanent.The specific provision that the House advanced involves Section 179 of the Tax Code. Under Section 179, small businesses can immediately write off certain qualifying expenses as a deduction in one year rather than depreciating those costs over a number of years. The result is generally very tax favorable.