You may keep a wary eye on your competitors, but sometimes it helps to look just a little bit deeper. Even if you’re a big fish in your pond, someone a little bigger may be swimming up just beneath you. Being successful means not just being aware of these competitors, but also knowing their approaches and results.
Oops, they did it again…On February 9, Congress passed, and the President signed into law, the “Bipartisan Budget Act of 2018, (BBA)”. BBA changes the tax code for the second time in two months with over 30 “extender” provisions that are retroactive to 2017. There’s a good chance that you could be affected and may even benefit from some of these changes.
Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses. Two still-available tax credits are especially for small businesses that provide certain employee benefits.