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Leander, Texas – October 11, 2018
Steve Phillips addressed the Leander Chamber of Commerce – Microgroup Kickoff meeting on Thursday, October 11. He provided a short summary of key small business tax reform provisions that have been in effect for the 2018 tax year. These provisions were enacted in the Tax Cuts and Jobs Act of 2017 and Steve and other tax advisors have spent countless hours interpreting and applying them to their clients’ business and investment activities. These included the cost recovery deduction enhancements (for example, 100% depreciation) as well as the new 20% deduction for trade or business income (IRC Section 199A). He emphasized the need for businesses of all size to focus on early and careful tax planning in order to take advantage of the tax benefits provided in the new tax law. As the fourth quarter is already facing taxpayers, that planning must be undertaken now. Once the tax year ended, in light of the new tax provisions, failure to plan could be costly for those who don’t.