Nothing is ever sure in business — except for taxes, that is. Whether or not it’s a banner year for your Nashville enterprise, you can expect a bill from Uncle Sam.
Without the help of a CPA firm, however, many small and medium-sized enterprises (SMEs) fail to take advantage of tax breaks designed specifically for them. As such, they end up paying more taxes than they absolutely have to.
What are these tax deductions and are you missing out on them?
Qualified Business Income
There’s no secret that taxes take a big chunk out of your profits. There’s hope, though, as the Tax Cuts and Jobs Act of 2018 offers some much-needed reprieve. If you’re a small business owner, you can deduct up to 20% of your net business income from your taxes. What does this mean? If you bring in $1,000,000 in profits, you can write off the first $200,000 before normal tax rates apply.
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