Against a backdrop of recently passed tax reform and questions about the new laws impact, millions of Americans, including the small business community, are set to file 2017 tax returns in less than three weeks by the April 17th deadline.
The tax reform policies passed last year do not apply for 2017 filings.
National Association for the Self-Employed CEO and president, and tax accountant, Keith Hall, said it's not too late to contribute to your savings...yet save on taxes for last year.
“There are deductions for 401K contributions, IRA contributions, simplified employee pension plans for small business owners, there’s lots of options, all of which can reduce your taxes for last year,” said Hall.
He said if you miss a deduction, you're paying more taxes than you should. Before you hit send, make sure you get everything coming to you and concentrate on missed deductions.
“If you’re a small business owner, pay particular attention to the business use of your automobile. If you have an office in your home, there’s some tax savings there to be home,” said Hall.
He said more than 70 percent of all the new jobs are created by small businesses.
Other points of interest:
A streamlined, standard home office deduction is now available
The standard mileage rate for business use of an automobile is 53.5 cents per mile for 2017 tax returns
Limits for retirement plan contributions such as SEPs, IRAs and 401(k) plans may have changed for your situation
The lawful applicability of Health Reimbursement Accounts (HRAs) without penalty
Consider planning for the 2018 tax filing year under the new tax code policies