Being a small business owner in New Jersey, or elsewhere for that matter, is not easy. Those who are have to work extremely hard to keep their companies up and running. One thing that can help small business owners do this is tax planning.
Why is tax planning important? No one wants to get stuck with a significant tax bill with no way of paying it. No one wants to pay late fees or penalties for not paying taxes, sales tax or estimated taxes on time. No one wants to miss out on available deductions that can help lower one’s tax liability.
As the year quickly comes to an end, there are a few things small business owners can do to help their tax situation in 2019. The first is to look at whether one can claim the bonus depreciation break. Some business owners may be able to write off the cost of certain assets acquired in 2018. A few other things that can help small business owners’ tax situations include:
- Looking at Section 179 deduction rule changes
- Checking to see if one can defer income
- Checking to see if one’s business qualifies for the pass-through business deduction
- Establishing retirement plans
These may not seem like significant steps to take, but doing them can add up to a lot in tax savings if done on time and in the right way. Not sure how to go about doing all of these things? An experienced tax planning attorney can assist small business owners in New Jersey do everything possible to minimize their tax liability moving forward into the new year.