If not, now is the time for a 2nd opinion if your current accountant isn’t addressing how the new tax law is affecting you and your business.
In light of the sweeping tax law changes, Davis & Hodgdon Associates CPAs can give you a fresh perspective and make sure that you are on track to be in the best possible position for your 2019 tax returns.
Some key questions that you need to address:
- Does your business qualify for the 20% deduction? Business structure and taxable income matter when determining youreligibility and deduction amount. With proactive tax planning we can ensure that you are taking advantage of all possible tax deductions and credits. Most significantly, as a small business owner you should consider the impact of the Qualified Business Income Deduction (QBID). We can help you make the necessary adjustments that will put you in the best position to capitalize on this.
- Does your business qualify for the Research & Development (R&D) Tax Credit? Historically, the benefits of applying for R&D tax creditshave mostly been anticlimactic with little or no benefits, however as part of the Protecting Americans from Tax Hikes (PATH) Act of 2015, there are many important enhancements to expand how R&D credit benefits can be used by certain small businesses. In fact, our clients have saved nearly $2 million on this credit since 2016.
Don’t delay and call our office to schedule a tax strategizing session today – 802.878.1963 (Williston) or 802.775.7132 (Rutland).