Navigating the New Tax Landscape – Key Insights for Small Businesses

As we enter the heart of tax season, small businesses in Missouri, Kansas, and Oklahoma must stay informed and prepared. At a local Chamber of Commerce event, Cory Gayman, JCG founder, recently shed light on several critical tax changes and strategies. Consequently, we distill the essence of this insightful address into key takeaways. These will help you confidently navigate the tax season. Don’t forget to watch the full speech on our YouTube channel and subscribe for future updates!

Phasing Out of 100% Bonus Depreciation:

The bonus depreciation is dropping from 100% to 80% this year. Moreover, this signals a gradual phase-out over the next five years. As a result, this change affects how businesses can write off purchases like vehicles and equipment in the first year.

Section 179 vs. Depreciation:

Unlike Section 179, which requires a profit for write-offs and cannot create a loss, depreciation can stimulate the economy by allowing losses. Indeed, this distinction is vital for strategic financial planning.

Rethinking Tax-Saving Purchases:

JCG urges businesses to make purchases based on long-term business strategy rather than solely for tax savings. Therefore, this approach encourages more sustainable financial decisions.

The Secure Act & Small Businesses:

The Secure Act is an exciting development for small businesses. It offers tax credits for businesses setting up a 401k plan, encouraging investment in employees and enhancing benefits.

Self-Directed IRAs for Business Investment:

JCG highlighted the potential of self-directed IRAs for investing in businesses or real estate tax-free. Particularly, this strategy can be beneficial for small community investors.

Employee Retention Credit & Deadlines:

Important for businesses impacted by COVID-19, this credit has upcoming deadlines. Businesses need to be aware of these to reclaim significant amounts potentially.

Potential Expansion of Opportunity Zones:

A proposed bill could expand opportunity zones. Subsequently, capital gains from investments in these zones could become tax-free, potentially fostering community growth and investment.

Choose JCG for Your Tax Preparation

Navigating these changes and strategies can be complex. However, JCG, with its deep community roots and commitment to growth, stands ready to guide small businesses through these nuances. As we embrace the new tax season, partnering with JCG means aligning with a firm that not only understands the intricacies of tax laws but also cares deeply about the community’s prosperity. Choose JCG for a tax preparation experience that is as informed as it is community-focused.

Call to Action

Ready to tackle this tax season with expert guidance? Contact us today to ensure your small business is on the path to financial success and community growth. Visit our website, call us directly, or connect with us on LinkedIn for more information.