Tax tip - upcoming tax bill

S

scubacamper

Well-Known Member
Joined
Jun 13, 2015
Messages
343
Location
Chattanooga, TN Area
Should the current version of the tax bill be signed into law, here are a couple planning tips for you small business owners:
S-Corps & LLC’s:
If you’re able, consider accelerating your expenses for your 2017 tax return as the tax rates for k-1 income would be lower in 2018.
If you receive a w-2 from your s-Corp: consider instead receiving your owners income via k-1 instead for 2018 to help lower your taxes.*
*in TN, this will increase your f&e taxes but the net result will likely be lower, overall.

As usual, consult your qualified tax professional for advice specific to your situation.


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