The new tax bill, Tax Cuts and Jobs Act, was signed into law in 2017. The bill makes a lot of adjustments to tax law concerning both small businesses and individuals and aims to reduce tax rates for both groups. Many of the changes for 2018 could alter how you run certain aspects of your business. This includes changes to meals and entertainment deductions, child tax credits, deduction for workplace improvement and many others.
Christine Sobolewski, CPA and Shawn Brubaker, CPA of Gift CPAs take the most frequently asked questions received from clients about the new tax bill and explain how this can change the way you manage parts of your business.