Tax Cut Implementation – Small Business Solutions Mall
Congress just passed TAX CUT. As a business owner, you need to find out how TAX CUT apply to your business. Do you need to prepare for TAX CUT before it becomes effective.
You urgently need to find CPA, Accountant and/or Lawyer who understands new TAX CUT and prepares my business to take full advantage of TAX CUT laws.
The savviest business owners will begin by calling a sophisticated accountant or lawyer. These advisers already have plans to take advantage of lower brackets and shift income away from areas where it would be taxed at a higher rate.
House bill may seem like a tax cut for small businesses, but it is not likely to bring much relief to many of those owners, and it is certainly not comparable to what was proposed for large corporations. And some professions, like consultants, lawyers, doctors and other professional services companies, are not even eligible for the lower pass-through rate.
This week, the U.S. Senate will consider their version of fundamental tax cut reform. A key area of debate here has been the treatment of non-corporate businesses–sole proprietorships, Subchapter-S companies, partnerships, and LLCs–compared to incorporated firms.
Unlike corporations, these flow through businesses don’t pay taxes themselves. Rather, the taxes “flow through” or “pass through” to the business owner, who pays taxes on the business profits at his own marginal income tax rate.