As the Tax Extension season for 2017 begins I plan to continue to be mindful of issues as they arise concerning the 2018 tax year. I have provided, in an earlier blob, a calculator to determine if the 20% business deduction will be beneficial to you as a business owner. If you have not tried it yet, now might be a good time as we move into the final half of of 2018.
Due to the changes, many of those forming new entities are now considering the option of forming corporations rather than pass through’s. Remember, an LLC does have the option to elect to be a corporation, even if there are two or more members and it has defaulted to a partnership. As well, those who formed corporations have the option to be as pass through with an S Election.
Thank you for the wonderful comments I have received since I started this blog early in 20I8 and hope you continue to enjoy it. Please let me know if you have questions or need help.
For your information, here is an interesting article for those that are curious about changes to the Meals and Entertainment deduction and a chart that compares the changes from 2017 to 2018.