With the new tax bill in place, it’s important to understand how your business is affected.
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Have you filed your taxes yet? If not, you better hurry — April 17 is just around the corner. With the new Tax Cuts and Jobs Act that was put in place last year, taxes might seem a little scarier than usual, especially for small businesses. However, there’s no need to stress. Payroll and HR solutions service Paychex has come up with a complete tax reform checklist to make sure your business is fully prepared.
Related: 10 Tax-Savings Hacks That Small Business Owners Often Miss
The first step in getting your business ready is simple: don’t panic. To keep yourself at ease, contact a financial consultant or accountant who can help. The next step is to understand your employees’ situations and how the new law affects them. Some impacted areas to keep in mind are individual tax brackets, personal exemptions, standard deductions, itemized deductions and child tax credits. This jargon might sound daunting, but with a few Google searches or the help of a professional, it’s easy to grasp.
Related: 5 Tax-Deduction Changes in the Trump Tax Plan You Need to Know About This Tax Year
Next, it’s vital to keep doing your research and understand your state’s policies and how they’ve been impacted by the tax reform. Make sure to thoroughly review the new policy changes and consult an expert with any questions.
To learn more, check out the infographic below.