The Tax Cuts and Jobs Act of 2017 was one of the most sweeping tax code overhauls in decades, and one that is providing tax relief to small businesses across the nation. But it also brings a lot of changes to the tax returns we all will be filing next year. NJBIA recently came across two good summaries of what those changes are.
SmallBusiness.com has published a side-by-side chart for tax provisions in effect for both 2017 and 2018 so businesses can see which provisions are different and whether or not they apply.
Similarly, the investment firm Charles Schwab published a summary of the major tax provisions impacting individuals, including a side-by-side comparison of the 2017 and 2018 tax brackets.
Be sure to seek professional advice as well.
“The side-by-side comparison can help you understand the changes — but you should also seek advice from your trusted and professional accounting, finance, and tax advisors,” SmallBusiness.com stated.